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Message
Roth IRA vs SOLO 401K
Posted on 5/4/16 at 10:01 pm
Posted on 5/4/16 at 10:01 pm
Have a salaried gig where I contribute 8% of a 75k salary and receive a 4% match on that, which totals to 9k/year in 401k.
I also have a side business that I stand to profit about 80-100k in 2016 on, and currently have a SOLO401k I contribute 500$ every 2 wks into which is 13k/year.
These contributions total 22k/year. I'm 31 with two kids under 2 years old. I always read about Roths on here and actually briefly had one that I ended up rolling into the solo 401k. Currently have about 17k in solo 401k and 11k in my salaried 401k. Have been paying of grad school loans past few years and just about done, down to about 12k from 70k 6 years ago. Things are going well, but wondering if I'm missing the boat on a Roth.
I also have a side business that I stand to profit about 80-100k in 2016 on, and currently have a SOLO401k I contribute 500$ every 2 wks into which is 13k/year.
These contributions total 22k/year. I'm 31 with two kids under 2 years old. I always read about Roths on here and actually briefly had one that I ended up rolling into the solo 401k. Currently have about 17k in solo 401k and 11k in my salaried 401k. Have been paying of grad school loans past few years and just about done, down to about 12k from 70k 6 years ago. Things are going well, but wondering if I'm missing the boat on a Roth.
3
Posted on 5/4/16 at 11:42 pm to Saint5446
You say you have kids, are you married? If so, does you wife work?
Only reason I ask, is there are income limits. If you're single you're definitely phased out. If you're married and your wife doesn't work, you're right at the limit, depending on how your side gig does.
If your married and your wife works, you're likely phased out too phased out.
Sucks. This will probably be my last year to contibute to a Roth myself. Which is such a shame. Just another example of the government punishing success. Really makes me angry.
Only reason I ask, is there are income limits. If you're single you're definitely phased out. If you're married and your wife doesn't work, you're right at the limit, depending on how your side gig does.
If your married and your wife works, you're likely phased out too phased out.
Sucks. This will probably be my last year to contibute to a Roth myself. Which is such a shame. Just another example of the government punishing success. Really makes me angry.
Posted on 5/5/16 at 6:39 am to TigerDeBaiter
Married but wife doesn't work and is home with the kids. I though those income limits were adjusted after tax deduction income limits?
Posted on 5/5/16 at 8:15 am to Saint5446
What's your side business?
Posted on 5/5/16 at 9:15 am to Saint5446
Yes, it's AGI.
If you're married and wife doesn't work, you should be eligible still based on the info you provided.
If you're married and wife doesn't work, you should be eligible still based on the info you provided.
Posted on 5/5/16 at 9:39 am to Saint5446
You might want to look up rule 402g regarding having two 401k plans.
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