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I have a Solo 401k, IRA and HSA - Can my contributions to all three combined exceed my earned income?
As mentioned in the subject, I am self-employed, have a solo 401k, I also have an HSA and IRA.
Turbotax allows me to contribute to the solo 401k and IRA up to my earned income (as it should). If I also add a contribution to my HSA it allows the deduction for this, however if I were to add up my 401k, IRA and HSA deductions they would exceed my total earned income (but not total income).
My question is: Is this correct and can I take a deduction for contributions to all three even if the total exceeds earned (self-employment) income?
‎April 13, 2022
2:25 PM