@williamthe5thc wrote:
You mean the code in box 12? it's D and AA which the code says 401(k) for both. one's Roth and the other's not. dang it. So I can't make more payments to one to decrease my AGI.... I have to open up a IRA with somebody and then contribute to that to reduce my AGI... (that's the end goal is get my AGI lower to be within the range for the federal poverty limit)
In that case you have a 401(k) with both pre-tax and Roth option accounts.
In the future, you can modify your election to put more (or all) of your contributions in the pre-tax account to reduce your taxable income in future years. There are certain advantages to a Roth option, but designated Roth contributions do not lower your taxable income.
It is not allowed to contribute to a 401(k) except through payroll deductions and is is not allowed to make contributions in 2022 that will count retroactively for 2021. The only way to make a retirement contribution for 2021 at this point is to open an IRA and make a tax-deductible contribution retroactive to 2021, before April 18, 2022. Here is your tax deductible IRA income limit for when you are covered by a retirement plan at work.
https://www.irs.gov/retirement-plans/2021-ira-deduction-limits-effect-of-modified-agi-on-deduction-i...
Also note that if you are married and file a joint return, your spouse can contribute to an IRA in their name even if they don't work, by relying on your income.
