That's not allowed. 401(k)s are individual accounts. You can be under the same plan as a controlled group, but you have separate accounts and separate contribution limits based on your own income. I can't think of any circumstance where you would ever add two spouses' incomes when calculating 401(k) contributions.I was thinking of doing a single solo 401k for both my wife and me. But, for the calculations, if we combine our at-work 401k contributions and the incomes, the allowed amount for the solo 401k is very small. If we separate our numbers, then the amounts are reasonable.
The reason you get a small number when adding your incomes is because there are only the individual limits. There is no way to tell the calculator you are entering two people's data because it doesn't make sense, and it's not allowed.
Statistics: Posted by toddthebod — Sun Dec 10, 2023 10:47 pm — Replies 7 — Views 743