Discussion:SEP IRA
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Discussion Forum Index --> Tax Questions --> SEP IRA
Inagpurwala (talk|edits) said: | 27 January 2006 |
| Question:
Can a spouse (who is an independent contractor and files Sch C) open/set up a SEP IRA account when Taxpayer is covered and has employer's sponsered 401K plan. Spouse already has Traditional IRA. In other words can spouse have both plan together and take the deductions for both. | |
| 27 January 2006 | |
| You can always fund and deduct a SEP if you have Schedule C profits. You may not also deduct a Traditional IRA with a SEP. Just ROTH or Non deductible IRA. | |
| 1 February 2006 | |
| Hi, you may deduct a SEP and Traditional IRA if both do not exceed the limit for 2005 of $4,000 under 50 and $4,500 over 50 | |
| 7 March 2007 | |
| just twisting this a little bit. Can a person have a ROTH IRA and a SEP IRA contribution in the same year. | |
| 7 March 2007 | |
| A Sep and an IRA are two completely different things. Sep's can go up to $44,000 with many other distinguishing requirements. Employee match etc. | |
| March 7, 2007 | |
| And yes, you can still have Roth if your income is then below the phaseouts for someone covered under a plan. | |
| 8 December 2007 | |
| Just to clarify something, I have a client that is self-employed part-time and a part-time employee of another company. She is going to contribute the max to her SEP (which in her case will be $5K) and she would like to contribute $4k to her traditional IRA. Can she do this? | |
Death&Taxes (talk|edits) said: | 8 December 2007 |
| She can always contribute to an IRA, but whether it can be deducted is another matter governed by her income, and the fact that she has a pension plan called SEP. | |
| 9 December 2007 | |
| So let's say her W2 earnings are $15K and her Schedule C profit is $25k. She will contribute $5k to her SEP and $4k to her traditional IRA. Would the $4k be deductible since she did not max out on the SEP? | |
| 9 December 2007 | |
| has no connection with whether she maxed out sep or not, only whether she is covered by another plan and agi | |
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