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Recent SEP IRA questions

I have several types of IRAs SEP Traditional Rollover

I have several types of IRAsSEP Traditional Rollover Beneficially RothI would like to combine my SEP to one of the other IRAs for bookkeeping purposesI believe rolling it over to the Traditional is what should be done.I'm a correct?What Year-end documents will i receive 1099R?Is what I want to do advisable?Thank you

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Chad Caros

Managing Director

Master's Degree

38 satisfied customers
I am a single, 60 year old individual. I do not have a 401k

I am a single, 60 year old individual. I do not have a 401k at work.What is the most I can contribute to my self-directed Roth IRA for the 2016 tax year?Thanks,Ros

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Lev

Retired

Bachelor's Degree Equivalent

25,404 satisfied customers
I need to prepare a Personal Financial Statement. My husband

I need to prepare a Personal Financial Statement. My husband is a sole owner of single member LLC which we file on Sch C. Our business assets are really assets under our personal name, not the business name (for example our vehicles) that we use for business. Do these need to be included in the PFS? What about other business assets, like our supply warehouse, our RV we use for out of town jobs?We have a home office. Do all furnishings in office and electronics, such as computers, need to be included in PFS?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

11,032 satisfied customers
I would like to open a Self Employed 401K. I have 2 main

I would like to open a Self Employed 401K. I have 2 main sources of income - a medical practice with no pension plan and an about $13,OOO that I have earned from consultant practice outside the main medical practice. The main medical practice is a partnership of corporations and I am the sole employee and president of one of the 6 corporations that constitute the medical practice. I have a Roth IRA to which I no longer contribute.Can I establish a SEP IRA based on the earned income of $13,000 outside the main medical practice? The main medical practice has 15 employees who work for the partnership. There is no pension plan.I am now taking minimum required distribution from my Roth IRA as I am over 70. I am working full time.My understanding is that with an SEP 401k I could make a tax deductible contribution both as employee and employer, potentially more than $18000 and thus not pay tax on the earnings this year, deferring tax until the minimum required distribution.Is this correct? that I can form the SEP IRA and make a contribution that will enable the tax on the entire income to be deferred?

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TaxWhisperer

Principal

Masters Science Taxation

770 satisfied customers
What's the "low down" or, scoop on the "26 (f) plan" for

What's the "low down" or, scoop on the "26 (f) plan" for investments? I am 75, currently getting SS payments and drawing from my SEP-IRA.

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PDtax

Owner

Master's Degree

7,914 satisfied customers
I am the sole employee of my LLC (taxed as an S-corp). What

I am the sole employee of my LLC (taxed as an S-corp). What is the correct formula to determine my SEP IRA contribution limit? For example, if I had $60K in salary, $10K in health benefits (so my W-2 showed $70K in total wages, tips & compensation) plus $40K in additional profit (before making an SEP IRA contribution), is the limit 25% of $70K or something else?

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ABC Accounting Group

Bachelor's Degree

1,310 satisfied customers
In the event of bankruptcy, can I lose my 408K Sep-Ira or my

In the event of bankruptcy, can I lose my 408K Sep-Ira or my rollover money from 401K that is in a CD today?I am 47 in AZ, and my understanding is I can't touch that money until my retirement age.

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Lev

Retired

Bachelor's Degree Equivalent

25,404 satisfied customers
I have a Sep IRA and would like to know how many

I have a Sep IRA and would like to know how many trustee-to-trustee transfers am I allowed in a calendar year?

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Lev

Retired

Bachelor's Degree Equivalent

25,404 satisfied customers
I have a qustions regarding retirement account setup by my

Good eveningI have a qustions regarding retirement account setup by my employer and my personal tax return for 2016. Do I need to show any employer contributions made to a SEP-IRA in my name during 2016. I did not contribute anything but my employer made contributions during 2016. Do I need to show anything on my personal tax return?ThanksT

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

11,032 satisfied customers
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