SEP IRA

Archive for the ‘SEP IRA’ Category

Question: Contributing to a SEP IRA?

I have a SEP IRA through a small company that I worked for previously. I am no longer with that company. Can I continue to add to this SEP IRA? I am employed full time with another company and have a traditional 401k with them. However, I also do freelance work, can I contribute money earned from the freelance work into the existing SEP?

Answer: no, u need to be an employee to contribute on company offered plan. U can however open a new SEP IRA of yur own as self employed. it’s not so complicated. or contribute in to ira.

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Question: As a small business owner, can I have a Solo 401k and SEP IRA at the same time?

I am currently employed full-time at a company but I have my own cleaning business on the side. I want to save money in 2007 while lowering my tax bill so I wanted to know if I can have a Solo 401k and a SEP IRA at the same time?

Answer: No. SEP-IRAs are not allowed if you have a 401k program, or even if you have access to a 401k program and dont avail yourself of it.

Part 1 of Solo 401k vs. Self Directed IRA – Intro & Eligibility