traditional IRA contribution?

[Sean H.]

-im entirely self employed

So, im looking at tradtional IRA contribution for the year and its based on mgai. If i made 175k for the year, and contributed the maximal to my solo 401k (57k), does that effectively bring my mgai down under 122k?

Does contributing maximal to your solo 401k affect your traditional IRA contribution or do they work concurrently?

[Ashish Acharya]

Originally posted by @Sean H.:

-im entirely self employed

So, im looking at tradtional IRA contribution for the year and its based on mgai. If i made 175k for the year, and contributed the maximal to my solo 401k (57k), does that effectively bring my mgai down under 122k?

Does contributing maximal to your solo 401k affect your traditional IRA contribution or do they work concurrently?

Sean, 

There is never a restriction on the contribution to Tra IRA (Only Roth IRA has a contribution limit based on MAGI). The only issue is if the contribution to Tra IRA is deductible. There are other info needed to determine if it is deductible for you.

Yes you AGI is reduced for S401k contribution. 

See chart below.