Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax

Steve G - Can a self employed person filing Sch. C make a contribution

Customer Question
to a SEP and an...
Steve G - Can a self employed person filing Sch. C make a contribution to a SEP and an individual retirement account?
Submitted: 5 years ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 1 minute by:
11/1/2012
Tax Professional: Stephen G., Sr Income Tax Expert replied 5 years ago
Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7,211
Experience: Extensive Experience with Tax, Financial & Estate Issues
Verified

Stephen E. Grizey :

Hi & thanks for using our service. I'll do my best to give you a complete & accurate answer. Please ask me to clarify anything you don't understand.

Stephen E. Grizey :

A SEP is an IRA; but don't know the answer to your question without checking; there are also age issues re maximum contributions;

Stephen E. Grizey :

A SEP-IRA cannot be a Roth IRA. Employer contributions to a SEP-IRA will not affect the amount an individual can contribute to a Roth or traditional IRA.

Unlike regular contributions to a traditional IRA, contributions under a SEP can be made to participants over age 701/2. If you are self-employed, you can also make contributions under the SEP for yourself even if you are over 701/2

Stephen E. Grizey :

Participants age 70 1/2 or over, must take required Minimum Distributions.

Stephen E. Grizey :

The above 3 paragraphs taken from IRS Publication 560, page 6, toward the bottom of the middle column.

Stephen E. Grizey :

Employer contributions to a SEP-IRA will not affect the amount an individual can contribute to a Roth or traditional IRA.

Stephen E. Grizey :

Chris, you locked me out by asking for "npadvisor" ; I had already answered & reanswered in the last sentence above.

Ask Your Own Tax Question
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 5 years ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12,875
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Sorry, was looking, back to you Steve -

Ask Your Own Tax Question
Customer reply replied 5 years ago
So if two over 55 taxpayers each have their own Sch. C businesses can they contribute the maximum amount allowable from their businesses to a SEP plus make contributions to a regular (non-SEP) IRA account? thanks
Tax Professional: Stephen G., Sr Income Tax Expert replied 5 years ago

Chris...............I was locked out on this question when you asked for npadvisor -- he tried to bow out, but it didn't work.

Did you see my answer above or did it not come through?

"Employer contributions to a SEP-IRA will not affect the amount an individual can contribute to a Roth or traditional IRA."

Steve
Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7,211
Experience: Extensive Experience with Tax, Financial & Estate Issues
Verified
Stephen G. and 87 other Tax Specialists are ready to help you
Ask your own question now
Ask Stephen G. Your Own Question
Stephen G.
Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7,211
7,211 Satisfied Customers
Experience: Extensive Experience with Tax, Financial & Estate Issues

Stephen G. is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,310 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

13,695 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
I withdrew 2100 dollars from my roth ira 8/28/17 and want to
I withdrew 2100 dollars from my roth ira 8/28/17 and want to put it back in there as a 2017 contribution but can I put it in a traditional ira instead and not have it considered over the 5500 dollar /… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
In 2015, contributed $3600 into a Roth IRA. However when we
In 2015, contributed $3600 into a Roth IRA. However when we file the 2015 tax return, we decided to re-Characterize that to a traditional ira.We received a 1099 r in 2016 with the code of R for rechar… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have a Roth IRA. if I close it, do I pay taxes on the
I have a Roth IRA. if I close it, do I pay taxes on the profit or on the whole value at closing? I am closing it early. Do I pay penalty on the profit or on the value at closing?… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,220 satisfied customers
Traditional IRA contribution - *Married taxpayers file MFJ
Traditional IRA contribution -*Married taxpayers file MFJ *One spouse covered by retirement plan, one is not *AGI will be over $ 200K for 2017 *Taxpayer that is not covered by retirement plan, contrib… read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
734 satisfied customers
What are tax rules for an inherited Roth IRA, GA, the
what are tax rules for an inherited Roth IRA JA: Since estate law varies from place to place, can you tell me what state this is in? Customer: GA JA: What documents or supporting evidence do you have?… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I'm 75 and subject to annual RMD's from my traditional IRA.
I'm 75 and subject to annual RMD's from my traditional IRA. In looking a way to shelter the RMD amount if I were to reinvest it, I stumbled on the virtually unlimited IRA to Roth Conversion. My questi… read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
734 satisfied customers
As I worked for a non-profit there was no Roth IRA for the
As I worked for a non-profit there was no Roth IRA for the 403-b. I got laid off last year and haven't been able to find another job. I moved my IRA to a well-known investing company. I am almost 62 a… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I received a 1099-R for a Roth IRA conversion but some of
I received a 1099-R for a backdoor Roth IRA conversion but some of the contributions made to the traditional IRA were nondeductible, one was deductible and there were some earnings. Is the entire amou… read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
734 satisfied customers
Roth IRA. I have a very specific question about excess
Roth IRA. I have a very specific question about excess contributions to a Roth IRA. I am a tax preparer. My client made a Roth IRA contribution for 2016 in April of 2017. It then turned out that his i… read more
Lane
Lane
JD, CFP, MBA, CRPS
12,875 satisfied customers
I recently withdrew money from a ROTH IRA that was opened in
I recently withdrew money from a ROTH IRA that was opened in 2015. It was a rollover from a Traditional IRA that was opened many years ago. I understand that I can only withdraw contributions that I m… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
If I am about to turn 70 and I have a Traditional IRA and a
Hi Pearl! If I am about to turn 70 and I have a Traditional IRA and a Roth IRA, can I take my RMD's from my Roth as opposed to my Traditional? I know that the Roth doesn't have required RMD's but I wa… read more
abci168
abci168
Principal
27 satisfied customers
ROTH Ira If a single taxpayer has an AGI around $ 100,000
ROTH IraIf a single taxpayer has an AGI around $ 100,000 and is active in a 401K retirement plan, can he still contribute to a ROTH IRA? The maximum that he will contribute to his 401K is $ 10,000.Tha… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,695 satisfied customers
I'm 71 and I want to cash in my traditional IRA of $20,000.
I'm 71 and I want to cash in my traditional IRA of $20,000. It has been sitting there for 20 years and only made $167. How much will the IRS charge for the transaction? … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,220 satisfied customers
My wife has a traditional IRA, Roth IRA, 401K and a pension.
My wife has a traditional IRA, Roth IRA, 401K and a pension. I have a Rollover IRA, Roth IRA and two 401ks. We wish to divide all retirement funds 50/50 but I do not see a way to communicate that. Ide… read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
734 satisfied customers
I am thinking of converting my traditional IRA to a Roth IRA
I am thinking of converting my traditional IRA to a Roth IRA and I am trying to figure out what tax rate is used in the conversion. My ordinary inocme, excluding cap gains and dividends, with be negat… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
IRS said the Roth IRA reported distribution was not held for
IRS said the Roth IRA reported distribution was not held for at least 5 years. It was. I was told I needed to send in a 8606 with my 2014 tax return. How do I go about doing that so I don't own the $1… read more
Lane
Lane
JD, CFP, MBA, CRPS
12,875 satisfied customers
We opened a traditional IRA for my wifebefore tax filing
We opened a traditional IRA for my wifebefore tax filing deadline this year and contributed the maximum amount, lowering our taxable income. We are both 68 years old...I'm still working and drawing So… read more
Lane
Lane
JD, CFP, MBA, CRPS
12,875 satisfied customers
I received a distribution from my son's roth IRA (the
I received a distribution from my son's roth IRA (the 1099-R), as a beneficiary. He passed away last year. It was for $149.36. Do I need to include that in my taxes?… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x