SEP IRA

Archive for the ‘SEP IRA’ Category

Question: What happens to the CPA who does your taxes wrong?

I had my sister in laws CPA do my taxes for 2004, 2005 and 2006. Well in 2007 I got a notice from the IRS saying I owed back taxes for all those years. I had a certified CPA look at thoes back taxes. He found that the old CPA had added my SEP-IRA from work as income i had borrowed. I never borrowed from my SEP-IRA in those back years. I’ve tried contacting the old CPA, which she took one of my calls and never called me back. She changed her number. What can I do?

Answer: My tax preparer’s policy is that if he makes a mistake, HE pays the penalty and interest. If she is really a licensed CPA report her to the licensing agency. You could take her to small claims court to get the money. Also, it is clear on my tax returns who prepared them. Is her name on them anywhere? Did you check the return before you signed it? Good luck..

planning_no_taxes_01.mov

Question: Can I have a 403(b)/401(k) through work and still fund a SEP IRA with other, consulting income.?

$78k 1099 consulting, $5K to 7K sports officiating, $40k W2 income with $2k Contribution to 403(b).

Answer: Yes you can. Rules are here as well as resources such as a help-line to assist you.

http://www.irs.gov/pub/irs-pdf/p560.pdf

Ako Kamal Dabiran

Question: Can I make a Traditional IRA and a SEP-IRA at the same time?

I am currently self-employed. I have a Traditional IRA (a rollover from my former employer sponsored 401k) and a SEP-IRA. Can I contribute the maximum allowable to both by this April 15th?

Answer: No. You cannot make additional contributions to a Rollover IRA.

Make all of your contributions to your SEP.

Good luck, and happy filing!

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