Discussion:SEP or SIMPLE

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Revision as of 21:40, 9 January 2006

Discussion Forum Index --> Tax Questions --> SEP or SIMPLE

Mshelden (talk|edits) said:

January 9, 2006
I have a client who had about $300k gain on sale of condo in Alabama. His wife was self-employed, and cleared $8000. Total AGI $400k. She can't pay into an IRA she had previously established in 2002, but can she now start a SEP or SIMPLE plan to pay her profits into? If so, what would be best, IRA or 401k? They want to make an est tax payment by 1/17, and any reduction available would be great.
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