I am under 60 and have only Self-Employed income in 2022 from various gigs. I want to contribute to Roth IRA and Solo Roth 401k, and maximize my contributions.
How do I calculate how much I can contribute to each of them:
Roth IRA:
Contributions = Net Income (1099-NECs + 1099-Ks - Business Expenses) - 15.3% Self Employed Tax?
In 2022, I also converted old Traditional IRA of $5000 to Roth IRA.
Solo Roth 401k:
Contributions = Earnings (1099-NECs + 1099-Ks) , up to 20,500
