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

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I was self employed Jan...
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: 2 years ago.Category: Tax
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1/31/2016
Tax Professional: Mark D, Enrolled Agent replied 2 years ago
Mark D
Mark D, Enrolled Agent
Category: Tax
Satisfied Customers: 1,342
Experience: MBA, EA, Specializing in Business and Individual Tax Returns and Issues
Verified

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?

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Customer reply replied 2 years 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?

Tax Professional: Mark D, Enrolled Agent replied 2 years ago

Not too late.

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Tax Professional: Mark D, Enrolled Agent replied 2 years ago

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Mark D, Enrolled Agent
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