Calculating Roth IRA and Solo Roth 401K Contributions as Self-Employed

[abhinavgautam]

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

[dmertz]

The maximum that you can contribute to the Roth 401(k) for 2022 is your net earnings or $20,500 whichever is less.  Net earnings are net profit minus the deductible portion of self-employment taxes.

The maximum that you can contribute to a Roth IRA for 2022 is your net earnings from self-employment or $6,000, whichever is less.

Due to a quirk of the tax code, the amount that you can contribute to the Roth IRA is unaffected by the amount that you contribute to the Roth 401(k) and vice versa.  The same compensation can be used to support both contributions.

[abhinavgautam]

So net profit = 1099-NEC+1099-k incomes - business expenses?

And how is deductible portion of self-employment taxes is calculated?

[dmertz]

TurboTax automatically calculates the deductible portion of self-employment taxes and reports it on Schedule 1 line 15.

You can view the calculate of self-employment taxes on Schedule SE.  The deductible portion is one-half of SE taxes.