SEP IRA

Posts Tagged ‘retirement’

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: Opened new Sim IRA for rollover from empl retiremnt plan Did not roll Get mnthly chk How use IRA?

Married Age 58 Husband self employed No retirement Plan
Did not deposit anything into the SIMPLE IRA when I opened it in January 2007. So it sits there with a zero balance. Should I put in after tax dollars from my pension check? Before Tax dollars from husbands business? Can I use it at all?

Answer: after tax money out of you check!!!

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