SEP IRA

Posts Tagged ‘advisor’

Why PGI SelfDirected vs. All the Other Guys

Question: How much can I put in my IRA?

I have a Tradtional IRA (rollover), and a SIMPLE IRA with my current Employer. I was told I can put up to 10K in my SIMPLE, and 4000 in my Tradtional. But If I put 4000 in my Tradtional, will I still be able to put 10,000 in my SIMPLE, or am I limited to 6,000?
If I were to open a Roth IRA, is that 4,000 seperate from my Tradtional , or total of all IRA’s is 4,000? What If I own multiple Trational IRA’s can I put 8000 (4000 a piece) in two of them?

Answer: You have two different IRA accounts, one that you personally own (the traditional), and one with your employer (the SIMPLE).

If you put $4000 into a Traditional IRA, you can still put $10,000 into your SIMPLE. Your SIMPLE IRA is similar to a 401k, except that only small businesses can have a SIMPLE IRA.

If you open multiple Traditional IRA and Roth IRA accounts, you can only contribute a TOTAL of $4000 (or $5000). That means, you can’t put $4000 into each account. Plus, it’s not smart to open multiple IRA accounts in the first place since it will be hard to track your investments.

Self-Direction — Can MY SD IRA/401K Purchase Property I Already Own?

Question: I am 53 and investing $13,000 in my simple plan , can I also invest $5,000 in a traditional ira ?

My income will be around $45,000. My husband who is 55 wants to do the same. We are sole proprieters.

Answer: A SIMPLE plan is like a 401K or 456 or 403b. It does not affect the amount that you can contribute to a traditional IRA. You can contribute the same amount to the traditional IRA as if you did not have the SIMPLE plan.

However, if you are covered by a retirement plan from work, including a SIMPLE plan, and your modified adjusted gross income exceeds a certain amount, then you cannot deduct your contributions to the traditional IRA.

What Are the Differences Between a “Traditional” SD Custodian and a TRUE SD Custodian