Question re 403(b)

[PhysicianOnFIRE]

EMscout wrote:

Thanks for the responses.

As far as i know I cannot contribute directly to my 403b.

I am maxing out my 401k and my roth IRA (backdoor). My 403b is maxed out by my employer.

Not a resident anymore but trying to live like one

Click to expand...

I see.  Looks like you're on the right track.  I've got a savings calculator you could plug your numbers into if you're curious.  There's a download link on another thread.

[EMscout]

Thanks for the responses.

As far as i know I cannot contribute directly to my 403b.

I am maxing out my 401k and my roth IRA (backdoor). My 403b is maxed out by my employer.

Not a resident anymore but trying to live like one

[PhysicianOnFIRE]

AGI is line 37 on your 1040.

For personal calculations, tax rate and savings rate can be measured in different ways.  I would include it in both the numerator and denominator for savings rate, and include in the denominator for tax rate, since it is money earned and not taxed.

A question:  Why do you not contribute? If you are still in residency, I can see where it might be a hardship, particularly if you are paying loans back, which I believe you are.

[jfoxcpacfp]

For your personal purposes, you can do it either way. Just be consistent from year to year if you are going to keep track. For purposes of the IRS definition of AGI, you do not include the company contribution, same as you wouldn't include the health insurance benefits paid on your behalf, HSA contributions, or other tax-free benefits the employer pays.

[EMscout]

my group has a 403(b) discretionary contribution and a mandatory contribution. I don't contribute to it at all, but my employer will put down a predetermined percentage every paycheck.

How do I calculate my true AGI based on the facts above (for the sake of calculating my tax%). Is my AGI my gross salary pluss my 403b or should I not include the 403b and just be happy I have it?
Thanks!