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Recent SEP IRA questions

I am a retired dentist and do draw SS, but while employed, I

I am a retired dentist and do draw SS, but while employed, I have ceased taking any SEP-IRA withdrawals because our wonderful Feds want to tax my SS. I went back to work part-time as an employee (not as a self-employed worker) of a friend, to help out 1.5 days per week and when he is out of town. I must fill out a new form to take taxes out of my earnings and I wish to know which category to select for the MOST taxes to be removed. Just my wife and I. Is it married with zero, or single with zero, or what? Also, is there any age (I am now 75) where the Feds do not tax my SS for earnings? Is there any way I can contribute to my SEP, or ANYTHING to reduce my taxes? Thanks.

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ABC Accounting Group

Bachelor's Degree

502 satisfied customers
I am self employed, and my company is both an s-corp and an

I am self employed, and my company is both an s-corp and an LLC. I am the only employee. I am able to make the maximum allowable sep ira contribution. recently, I incorporated my sep-ira into a sep ira/llc in order to have more freedom to invest the funds as i see fit. my ? is this: for on-going contributions to the newly formed sep ira/llc, can i make contributions directly into this account? My concern is that since there is no revenue associated with the ira/llc, how can any contribution be made? would i have to set up a separate sep ira associated with my primary company that has enough revenue to make a max contribution, and then do a rollover each year from this sep into the ira/llc sep?

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PDtax

Owner

Master's Degree

7,368 satisfied customers
Okay as a Subchapter S corp and employee can my firm make

okay as a Subchapter S corp and employee can my firm make contributions to me in the form of a Sep-IRA?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: what else do you need to know - I am a subchapter S - and the sole employee - I pay myself through a payroll service.JA: Is there anything else important you think the Accountant should know?Customer: no

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,678 satisfied customers
I have a two-part question regarding taxes. I have been

Hi - I have a two-part question regarding taxes.I have been self-employed Jan - Aug 2016, total income 91,132.00Estimated taxes paid Q1 - Q3: Fed 9,100; GA 1,400 eachNow, as of Sep 2016 salaried employee with annual income 114,000.Question 1: would it be prudent to pay the estimated taxes for Q4 just in case (withholdings with new job is 1 each)Question 2: I have been funding a SEP - to-date 15,000 - can I put another 5,000 since the 401K with the new company is not available until Jan 2017?PS: I do not have an IRAMany thanks,Vera

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,678 satisfied customers
I would like you to evaluate my retirement and personal

I would like you to evaluate my retirement and personal investments. My wife and I are 74 and only debt is home mortgage ($156K) and vacation cabin ($95K). Our SEP value is $162K and invested in these Equities: Enerplus Corp, Ford Motor Co New, GE Cap Corp, Callable, Ishares Gold Trust, Kinder Morgan, Northwest Pipe Co, and, Tembec Inc New; AND, in this mutual fund: Nuveen Small Cap Select; AND, in these two Taxable Bonds: Goldman Sachs Cap II FLTG, and, Transocean Inc.We are interested in income and income/growth, so that is the reason for the bonds and others that pay dividends/interest.We are too old for growth alone. Our broker is not too hot on investing in long term growth stocks/mutual funds. Not much time at our age to recoup significant losses.Our Personal Savings value is $58K, and, is invested in: Enerplus Corp, Telecom Argentina SA, and, American Cap World Grow and Inc Fd.We have $252K in cash (savings and checking). We have $228K in equity of our home, cabin, cars, and travel trailer.Our estimated net worth is $700K. We get $30K/year from our SEP ($2,500/month) and $36K/year in SS benefits.What are your thoughts of our investments? What changes would you suggest in any area of this information? Good paying interest/dividends on Bonds are very rare now. Our broker keeps an eye open for good paying bonds. We are conservative in our spending and our main checking account grows some each month. Do you think we are pulling out too much from our SEP-IRA?

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PDtax

Owner

Master's Degree

7,368 satisfied customers
I don't like my companies 401(K) plan and want know my

I don't like my companies 401(K) plan and want know my options regarding tax deferred retirement plans if I don't want to go through my employer.

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TaxRobin

Vocational, Technical or Trade School

22,348 satisfied customers
My SEP-IRA had a value of $156,249 at end of 2015. How much

My SEP-IRA had a value of $156,249 at end of 2015. How much is the minimum withdrawal for 2015?

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Lev

Retired

Bachelor's Degree Equivalent

24,194 satisfied customers
O.k i have a question regarding LLC company and an S

o.k i have a question regarding LLC company and an S corporation company , this are my questions.-If i have a client that has an LLC and this company made $2500000.00 gross receipts and from those 250K the owner had $50 K expenses and keep in mind that is is a one owner LLC so everything will be reported on schedule C as fas as i knowm , so saying that he took $100 K owners draws for himself that leaves the business at the end of the year on the profit and loss statement with $ 100 K my question is if he needs to report the 100 K that he took out from the business or just the profit that was at the end of the year which was $100 K or do i need to add the 100 K that he took and he needs to report $200 K on the schedule C , please let me know because i get confused all the time because on the p&l statement the owners draws are not listed there since this is a equity account so it won't be listed and what about if he had taken the $200K as an owners draws so he won't pay taxes at all or what thats where i get confused please advise.2.- my second question will be on an S corporation since that's what i have how do i take money oout myself as an owners draws, dividends or distributions and of course it is not going to show on the P&L statement since this is an equity account also so at the end of the year do i need to add that to the schedule k or how does that work because tecnically i thionk i need to pay taxes on that income also right ? please advise.because i need to understand this 100 % so i can prepare the taxes for this client the right waythanks a lot guys for all your helpim learning a lot from you guys .

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,392 satisfied customers
I'm a sole proprietor / Just do a Schedule C each year;

HI -I'm a sole proprietor / Just do a Schedule C each year; no employees.I opened up an SEP IRA in 2015 for the very first time, and I contributed $25,000.My net profit (line 31 of Schedule C) is $105,930.I'm finding conflicting info between turbotax, and other online resources about what I can contribute as the self employed individual; some suggesting I can contribute 25% of Line 31, others going through a different formula.Turbotax doesn't seem to be helping in deciding, as their "Help Center" has an article about just doing 25%, which I'm no longer sure is right.Can you confirm the calculation please ?Thank You

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Jason M. Tyra, CPA

Principal

Master's Degree

364 satisfied customers
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