I have a freelancing business (just me, sole proprietor) that I run in parallel to my full-time day job. I need to make extra money on the side because I'm behind with retirement savings.
I set up a self-employed 401k US retirement account. I'm now wondering about the maximum contribution I can make to the 401k.
Let's assume I'm not doing any 401k contributions from my full-time job and after all expenses, but before taxes, I made $8k with freelancing in 2018. Can I put the entire $8k into the 401k for retirement?