Sojourner
Thinks s/he gets paid by the post
- Joined
- Jan 8, 2012
- Messages
- 2,597
I did a Google search on this topic but could not find anything about my particular situation regarding an excess Roth contribution.
My tax software tells me I have an excess contribution to my Roth IRA for 2016. I have both a traditional and a Roth IRA, and I contributed $2,500 to the Roth and $2,000 to the traditional for 2016. But (and I think this is the kicker) I also have a solo 401(k) that I contributed $15,000 to. It appears that my contributions are somehow limited relative to my earned income, of which I had roughly $19k in 2016. But I can't find any sort of online calculator or reference that will tell me how much I'm allowed to contribute to each of these (Roth, tIRA, 401k) based on my earned income. There are calculators that show how much you can contribute to the 401(k) alone based on income, but nothing that I can find that shows how these various contributions can limit each other.
Is there some sort of calculator or formula that will tell me what I'm able to contribute to each of the different retirement accounts based on a) earned income and b) what I contributed to the other accounts?
My tax software tells me I have an excess contribution to my Roth IRA for 2016. I have both a traditional and a Roth IRA, and I contributed $2,500 to the Roth and $2,000 to the traditional for 2016. But (and I think this is the kicker) I also have a solo 401(k) that I contributed $15,000 to. It appears that my contributions are somehow limited relative to my earned income, of which I had roughly $19k in 2016. But I can't find any sort of online calculator or reference that will tell me how much I'm allowed to contribute to each of these (Roth, tIRA, 401k) based on my earned income. There are calculators that show how much you can contribute to the 401(k) alone based on income, but nothing that I can find that shows how these various contributions can limit each other.
Is there some sort of calculator or formula that will tell me what I'm able to contribute to each of the different retirement accounts based on a) earned income and b) what I contributed to the other accounts?