Archive for January, 2009
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Simple Ira Guidelines
January 17th, 2009
Question: IRA contributions not being deposited?
I have a situation where my employer is not making my weekly SIMPLE IRA Contributions and the company portions has not been paid in 4 YEARS! I need to find laws pertaining to the requirements. I know the guidelines for contributions but specifically I need to find out what will happen to him once he is reported. I fear for loss of my job. Can someone point me to laws pertaining to this non-payment?
Answer: It maybe the fact that the company doesn’t have a SIMPLE IRA or doesn’t qualify for it anymore. If they do have it, the company must make contributions to your account every year. I would contact the IRS for possible violations. Or even better, the local TV news reporting station such as ABC.
http://www.irs.gov/compliance/enforcement/article/0,,id=98205,00.html
Chris Rock – How not to get your ass kicked by the police!
Sep Ira Questions
January 11th, 2009
Question: Tax Question about SEP IRA and individual 401k?
If im:
44 years
a self employed contractor
contributed $11,000 to my employer sponsored 401k
During 2009, my schedule C income was $100,000
What is the maximum amount that I can contribute to (1) a SEP IRA and (2) an individual 401(k)?
okay, not gonna lie, this is a problem i need help with for class… any help appreciated! much thanks!
Answer: My uderstanding is that you can put up to 45% of your income as a contractor into an SEP and it is fully deductible
IRA SF Still Cant Answer Questions