Discussion:SEP IRA and Spouse
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Discussion Forum Index --> Basic Tax Questions --> SEP IRA and Spouse
Discussion Forum Index --> Tax Questions --> SEP IRA and Spouse
Hellothere (talk|edits) said: | 7 March 2008 |
| Taxpayer 100% owner of S-Corp. contributes $15,000 to her SEP. Can she and her husband each contribute to a IRA? Or perhaps Roth IRA? Their combined AGI is approx. $300K. Thank you. | |
| 7 March 2008 | |
| Presumably she took a salary of $60k or more, right? If not, the SEP has problems. But getting over that hurdle, yes, they can make contribution to an IRA (nondeductible), no to Roth. | |
| 7 March 2008 | |
| Simplified Employee Pension Individual Retirement Account (SEP) ;
Q: Can a person make a contribution to a SEP-IRA and a Roth IRA, too? A: Yes, you can make a contribution to a SEP-IRA and a Roth IRA. See Chapter 2 of Publication 590, Individual Retirement Arrangements (IRAs), for the requirements to contribute to a SEP and a Roth IRA. However, your SEP IRA contribution and Roth IRA contribution can not be made to the same IRA. | |
| 7 March 2008 | |
| Sorry, Guy, you'd better read that pub more carefully. Roth IRA is not allowed for MFJ taxpayer with AGI above $166,000 for 2007. Hellothere says t/p & spouse have AGI of $300k. | |
Hellothere (talk|edits) said: | 8 March 2008 |
| Thanks so much. | |
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