Archive for January, 2007
Simple Ira Distribution Rules
January 21st, 2007
Transfer of Funds to SD — “Trigger” a Distribution of MY Plan?
Sep Ira Employer Contribution
January 18th, 2007
Question: SEP – IRA Question (plus traditional IRAquestion)?
Currently I have a Traditional IRA plus I have a SEP-IRA which was started by my employer for me. Currently my employer pops in $200/month into the SEP. I know I can contribute additional funds to the SEP, but are those contributions to the SEP tax deductible like the traditional IRA?
Follow Up Question 1: Assuming I start a small side business and continue working for my employer can I start a second SEP-IRA? How much would I be allowed to contribute to both and would either be tax deductible?
Final question: Assuming I leave my current employer and contribute to the SEP I received from the current job, can I keep the SEP and make contributions (and if so how much and are they tax deductible).
I know that that was a lot to digest, thank you in advance for your help.
~Crighton
Answer: First, funds contributed to a SEP are tax deductable. Second, maximum Contribution 1/4 of your earnings up to $45,000. If you are self employeed you can establish your own SEP for the self employeed income.
I am not aware that you are allowed to contribute to a SEP set up for you by your employer. The IRS does not seem to address that subject very well, but I am almost sure that you can not. You can however set up an IRA account and contribute to it. That is allowable. There may however be limits to the amount you can deduct based on your agiif more than $83,000 if married filing jointly.
Images Retail Awards 2007
Simple Ira Calculator
January 2nd, 2007
Question: very basic roth ira question?
i am 25 and just opened up a roth ira account. i just did an online roth calculator thing and it told me i would have some insanly high $ amount when i retire i do nt believe it….
so lets use simple numbers.
lets say i invest 2k a yr in this roth not a penny more nor less untill i 65 that is 40 yrs with an average return what is the average return anyways?
how much will i have when i retire @ 65?
the site i used told me i would have like 1.6 million that cant b right
2k times 40 yrs is only 80k right so im confusded
how much would i have when i reitre?
and what is the average return?
thanks much
Answer: through the magic of compound interest. stay disciplined keep your investment focus and it will grow quickly. also consider your company’s 401k if they have one. many companies match up to a specific amount – this is more free money for your retirement. it is pre-tax and also lowers your taxable income (tax deferred)
congratulations!
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