IRA and Solo 401k Contributions

[RobertB4444]

The $58,000 limit is there to allow you to make 'catch up contributions' to your plan.  If you made less than $58,000 then you can contribute more than you made.

[mrtk31]

my question has nothing to do with the "limit" obviously you are wasting more of everyone's time reading this because you chose not to read the question

[DaveF1006]

This is an edit to my previous post made. I apologize for your frustration and I will address your original question on the way it was intended assuming  my interpretation is correct. To answer your original question, I referenced the following Turbo Tax  link.

To determine the contribution limit, the income used to determine the limit is Modified Adjusted Gross Income (MAGI). Your AGI calculation is defined in the link above as total income minus adjustments. The adjustments are listed in the link and the amount is listed on Line 11 of your 1040.

Now your MAGI is not listed on your 1040 but is used in a variety of calculations.  Most notable are determining your income limit for contributing to certain retirement plans. Most the time, the AGI and MAGI are the same but in rare instances, it isn't.  Magi includes the following add backs to AGI such as:

• Student loan interest
• One-half of self-employment tax
• Qualified tuition expenses
• Tuition and fees deduction
• Passive loss or passive income
• IRA contributions
• Non-taxable social security payments
• The exclusion for income from U.S. savings bonds
• Foreign earned income exclusion
• Foreign housing exclusion or deduction
• The exclusion under 137 for adoption expenses
• Rental losses
• Any overall loss from a publicly traded partnership

If you have any of these, then your contribution to your retirement plan maybe further restricted. If not, then  your AGI and MAGI is the same.

[ Edited 02/21/22| PST]

@mrtk31 

[mrtk31]

To be more clear not every response in this thread was done by an idiot who clearly gave incorrect information.

but instead of worrying about giving numbers to questions I think you should focus on removing the "experts" who gave incorrect information telling me I cannot contribute more than my earned income, when in fact I can.

[Linprell]

Why is Turbo Tax adding my Solo 401K Roth Elective contribution in on Schedule 1 adjustments to income ?  Since it is not deductible it should not appear?  This is making my taxable income less than it should be 

[ErnieS0]

Profit-sharing contributions in a Solo 401(k) are required to be before tax, which is why you are seeing a deduction @Linprell.

See Creating a Designated Roth Solo 401k Contribution Account