Long time reader. I should be pulling in about 300-400k this year as a resident who moonlights like crazy. I will max out my solo 401k. I was wondering whether there was an income limit to contributing to traditional IRAs, and if not, whether this can be done along side maxing out a solo 401k?
Based on my reading so far, I understand that there is an income limit for deducting what you contribute to a traditional IRA, and an income limit for contributing to a Roth IRA. I just want to make sure I am not breaking any laws if I contribute 53k to solo 401k, 5500 to traditional IRA (post-tax), then roll over the 5500 in traditional IRA to my Roth account.
Thanks
Based on my reading so far, I understand that there is an income limit for deducting what you contribute to a traditional IRA, and an income limit for contributing to a Roth IRA. I just want to make sure I am not breaking any laws if I contribute 53k to solo 401k, 5500 to traditional IRA (post-tax), then roll over the 5500 in traditional IRA to my Roth account.
Thanks
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