I’ve really enjoyed your podcast and books. Opening many ideas for optimal planning.
I have 2 ancillary income streams to my standard w2 job- additional 1099 part time work in my field and soon to be an active working interest in oil and gas. My understanding is the o and g investment will go on a schedule C as 1099 instead of K1 with this company. .
I already have a customized solo 401k with after tax contribution option. I am opening a Wyoming LLC (with KKOS) which I plan to use for the o and g as well as other passive real estate syndication investments across many states for asset protection “from myself”. This was considered the rare exception for a WY LLC which I know you typically recommend against.
My main question is how will the o and g write offs affect my 401k contributions for my 1099 work? Will these 2 combine on the bottom line of a schedule C? Despite their clearly dramatically different areas, I believe I’m still the control group for both. Is there any way to separate them so I can maximize my 401k contributions from my 1099 work? Alternatively, Can I actually use o and g income for a 401k since it is active income?