Thank you for the response. I did know most of those things about the solo 401K (from the links I mentioned).
I did not know that I would not qualify for a Traditional or Roth IRA at my income levels, or that the $57K was a contribution limit across all 401Ks...so thank you.
Some follow up questions:
1. I understand I can contribute up to a max of $57K (employee + employer portion) across my Solo (Individual) 401K AND Solo (Individual) Roth 401K. Assuming I can make a contribution of $40K into my 401K(s), can all of it go into the Roth 401K? or is the first $19,500 tax-deferred and have to go into the Solo (Individual) 401K?
2. To contribute to a Traditional IRA in 2020, your MAGI (modified adjusted gross income) needs to be less than $124,000. To contribute to a Roth IRA in 2020, your MAGI (modified adjusted gross income) needs to be less than $139,000
Are capital gains from investments counted in the MAGI (modified adjusted gross income) thresholds for the Traditional and Roth IRAs? If not, then my MAGI would be $100K (1099 income) + $60K (part-time W2 income). Assuming I made a contribution of 40K into my solo 401K, would my "tax basis" be reduced to $120K, so that I could contribute to the Traditional / Roth IRA?
3. If so, would I qualify for the Mega Backdoor Roth?
Thank you.
