I question whether you can contribute to the RothIRA if you use all the self employment income (after self employment taxes) to contribute to the 401ks. See:
Compensation Income
"Net Earnings from Self-Employment
When figuring how much compensation income you have to support your IRA contribution, it's your
net earnings from self-employment that count. Subtract your expenses and other deductions connected with the activity that produced the income. Also, reduce your self-employment income by the amount you contribute to a retirement plan connected with your self-employment (such as a Keogh plan), and by the deduction for one-half of the self-employment tax."
This is from the Fairmark site, not from the IRS, so I would double check the accuracy.
From IRS publication 590: "
Self-employment income. If you are self-employed (a sole proprietor or a partner), compensation is the net earnings from your trade or business (provided your personal services are a material income-producing factor) reduced by the total of:
- The deduction for contributions made on your behalf to retirement plans, and
- The deduction allowed for one-half of your self-employment taxes.
Compensation includes earnings from self-employment even if they are not subject to self-employment tax because of your religious beliefs. When you have both self-employment income and salaries and wages, your compensation includes both amounts."
Publication 590 (2006), Individual Retirement Arrangements (IRAs)
Here is a nice worksheet for figuring out your maximum 401k contribution for the businesses.
http://personal.fidelity.com/retirem...1K-CW-0902.pdf