How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Mark D Your Own Question
Mark D
Mark D, Enrolled Agent
Category: Tax
Satisfied Customers: 1304
Experience:  MBA, EA, Specializing in Business and Individual Tax Returns and Issues
Type Your Tax Question Here...
Mark D is online now
A new question is answered every 9 seconds

I was self employed Jan - Feb in 2015. In March - August

Customer Question

I was self employed Jan - Feb in 2015. In March - August 2015 I had a W2 job. I don't recall whether my employer offered a 401K or not but if they did I didn't take advantage of it. In August and September 2015 I was self employed. In September 2015 I got a new W2 job and I am still employed there. This employer does offer a 401K, and due to wait periods that account officially opened on 1/1/16. During the entire year of 2015 I was working a self employed business either full time, part time when in a W2 job. For many years I've had (and still have) a **Sep** IRA. I realize I can contribute some more to this up until April 18th 2016 for 2015 tax year. My question is - can I open an *IRA* (NOT a Sep IRA) for **2015** and make **2015** contributions up until 4/18/16 and if so, how much can I contribute? I turned 58 in early January 2016.
Submitted: 1 year ago.
Category: Tax
Expert:  Mark D replied 1 year ago.

I am assuming you are foregoing the SEP, please let em know if incorrect. Assuming both W2s correctly show you were not covered by a retirement plan, you max traditional IRA contribution would be $6500 based on your age as assuming you earned at least $6500 in 2015. Does that answer your question?

Customer: replied 1 year ago.

Yes, I am foregoing SEP contribution.

Also, can I **OPEN** a **NEW** 2015 IRA now and contribute to it by 4/18/16 or am I too late to open a NEW 2015 IRA for 2015 contribution purposes?

Expert:  Mark D replied 1 year ago.

Not too late.

Expert:  Mark D replied 1 year ago.

Was your question answered? If yes, please rate. Thank you!