SEP IRA

Posts Tagged ‘financial’

Question: If my employer funds a SEP IRA in my name, does that impact my Traditional IRA Contribution limit?

Links to sites with information are appreciated.

Answer: These are the rules with it.

For a Traditional IRA, full deductibility of a Contribution for 2006 is available to active participants whose 2006 Adjusted Gross Income (AGI) is $75,000 or less (joint) and $50,000 or less (single); partial deductibility for AGI up to $85,000 (joint) and $60,000 (single). For contributions in tax year 2007, the full deductibility AGI limits are $83,000 or less (joint) and $52,000 or less (single); partial deductibility for AGI up to $103,000 (joint) and $62,000 (single). In addition, full deductibility of a Contribution is available for working or nonworking spouses who are not covered by an employer-sponsored plan whose AGI is less than $150,000 in 2006 and $156,000 in 2007; partial deductibility for AGI up to $160,000 in 2006 and $166,000 in 2007.

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Question: I have a 401(K) offered by my primary employer and a Roth IRA. Can I have a SEP 401(K) too if I have a 2nd job?

I have a fulltime job and I am currently maxing my 401(K) and Roth. But I also have a side job which I would like to start saving for retirement with, Can I have an SEP 401(K) or is there another option that i should be aware of. I have no employees and I am currently making 45,000 a yr from the 2nd income source

Answer: If you are self-employed, you can contribute to a SEP-IRA. If you are an employee at the second job, then you cannot contribute to a SEP-IRA.

You might look into an annuity, though.

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