So I kind of goofed things up here:
This year was insane, earlier part of the year I was in a couple car accidents and dealing with insurances/totalled cars. Various times work flared up, then my dad has been in crisis in and out of hospitals. I lost track of everything.
Usually I contribute to (trad) solo401k. All of my work is 1099. I usually contribute most of my stuff end of year since the rest of the year I'm using it in various bank bonus shenanigans.
I had a solo401k at Schwab but then transferred it to Robinhood for the 3% match deal.
I had opened a new solo401k with fidelity well in advance but apparently they closed it since I hadn't contributed to it. So I'm in a mad dash to open and contribute again. They said it should be open by end of year, I expedited it.
My husband is unemployed, didn't work this year at all or earn any money.
In total I earned about $60k for the year. We contributed already $13k to tradIRAs. I've downloaded turbo tax home/biz like I always do and it's not showing any advantage to contributing money to my solo401k which seems odd.
Is this a turbo tax issue or is it that income is too low? It's also still showing I owe $8k+ in taxes, I guess that makes sense tho because I'm self employed?
What should I do with this money going forward- should I just front-load next year's solo401k? Load up brokerage? (I have no money in brokerage due to trying to get AGI down. My husband has almost all of his retirement savings in brokerage since he wasn't self-employed nor worked for a place with a retirement plan most of his working life). Save and keep using in bank account bonuses?
I guess it's too late to open roth 401k. I have student loans and recertify for the first time in years in January, it's really important for me to keep AGI as low as possible (going for eventual forgiveness unless they are forgiven early w/Borrower Defense, which I've applied for). But I guess this is pretty low without me doing much, so trying to figure out best use of moneys.