SEP IRA

Posts Tagged ‘automatic’

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: 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!

Financial Services Fullerton CA: Investments, Mutual Funds, 401k, IRA, Annuity, Life Insurance