SEP IRA

Posts Tagged ‘sep’

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

Question: Can I roll a SEP IRA into a Roth?

I want to roll a SEP IRA into a Roth to make it easier to manage. I don’t have a problem paying tax on the amount rolled over. But I don’t want it to affect the annual amount I can contribute to the Roth which is $4,000. Is this possible?

Answer: For ease of rollover,
check with those who have your IRA now.

Rollovers usually are tax free transactions.

check out: – www.irs.gov – for all free forms and instructions, plus use their search sections – to get your specific questions answered.

GOD bless.
CPA-retired

Using your Roth-IRA or SEP-IRA for Real Estate Investment