Archive for October, 2009
Sep Ira Qualified Plan
October 21st, 2009
Question: which retirement account best suits me?
I am a 21 year old day trader trading my own account. At the end of the month I usually withdraw my profits and send them to a savings account. I opened a Roth IRA and plan on contributing the max $5,000 per year. I will like to contribute more to my retirement but I am not sure what other account I can open. I do not own a business or work for anyone. I’ve been told to look into a SEP, Keogh, and Solo 401k but don’t know which account is best suited for me. Which is the best type of retirement account that I should open if I am working for myself and not under any business?
Also, I am currently making less than $100k but if I pass that I wont qualify for the Roth anymore so what do I do then?
thx!
Answer: The way to expand your retirement account as well as create more deductions for yourself is to form an LLC (limited liability corporation). That way you could have a solo 401k and put in and deduct over $40k of profits/earnings. You can deduct all kinds of business and health insurance expenses as well.
LLC also protects you in case you had a bad trade and lost more than you had in the account, such as shorting stock you don’t hold.
Can qualified monies be rolled over into a properly structured Tax Free Income Retirement Plan
Posted in SEP IRA | 
Tags: 401k, account, bridel, calling, ira, sep ira qualified plan | 
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