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For tax purpose, what happened if I over-contributed SEP
for tax purpose, what happened if I over-contributed SEP 8000 instead 5000? any way to fix?… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
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I have an employee who is eligible to get a "discretionary"
I have an employee who is eligible to get a "discretionary" contribution according to my SEP plan. How do I determine this discretionary amount?… read more
Lev
Lev
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Lane, If you are a general partner in an LLC Partnership
Hi Lane,If you are a general partner in an LLC Partnership with your wife, can the partnership contribute to a SEP only based on the self employment income? What is the maximum $ amount and % of incom… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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If owner of LLC (flow through) with one employee setup a SEP
If owner of LLC (flow through) with one employee setup a SEP IRA (new) under the following conditions, please answer a solution.Owner paid self $30,000 and funded a SEP 25% $7500 and his employee was … read more
PDtax
PDtax
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I am self-employed. I would like to verify tax deduction
I am self-employed. I would like to verify tax deduction for self-employed retirement plans. For the 2014 tax year, you could feasibly contribute as much as $17,500 in deferred salary ($23,000 if you'… read more
Lev
Lev
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I have Form 1040 client that owns a husband/wife law firm,
Hi Stephen, I have Form 1040 client that owns a husband/wife law firm, each sharing $ 140K ($ 70K each) on a K-1 and $ 20K each on a W-2. I want them to fund a SEP IRA as well as their traditional IRA… read more
Lev
Lev
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Bachelor's Degree Equivalent
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We my husband and I have a S-Corp. The W2 employees are myself,
We my husband and I have a S-Corp. The W2 employees are myself, my husband and one other clerical part-time employee. I have filed an extension for S-corp 2014 taxes and personal 2014 tax return. My h… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
30,022 satisfied customers
I'm a sole proprietor and just opened a SEP with Fidelity as
I'm a sole proprietor and just opened a SEP with Fidelity as well as a Roth IRA. Can I maximize my Roth IRA $5,500 for 2015 and add to my SEP (25% of my net profit) for 2015 as well? Will my net profi… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
30,022 satisfied customers
Hi Bill, I have 1/3 ownership of an LLC. I want to do a SEP, but the other partners d
Hi Bill, I have 1/3 ownership of an LLC. I want to do a SEP, but the other partners do not want to contribute at the same percent as I do. Can I set up a second LLC to hold my ownership in the initial… read more
Bill
Bill
Master's Degree
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Can a partnership with 3 owners and no employees have partnership
Can a partnership with 3 owners and no employees have partnership income distributed to their individual LLC's and then do an individual SEP plan. I have this situation where only one of the parner's … read more
Bill
Bill
Master's Degree
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Does a SARSEP 408(k)(6) retirement plan balances have to be
Does a SARSEP 408(k)(6) retirement plan balances have to be included in the total IRA balances when doing a Roth conversion from traditional IRA. Facts are: Client does a nondeductible IRA for $5,000 … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
30,022 satisfied customers
I am a partner in a business with 3 other partners. We have
I am a partner in a business with 3 other partners. We have one-part time employee (less than 20 hours per week). Each partner receives W-2 income of $360,000 annually. We also receive partnership dis… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
30,022 satisfied customers
At $500,000 According to: http://www.calcxml.com/calculators/inc05;jsessionid=4BB4164B2C5
At $500,000 According to: http://www.calcxml.com/calculators/inc05;jsessionid=4BB4164B2C5A01406CE72C5452CF019A?skn=#calcoutput LLC: SE tax: $24841 with income of $500,000 Based on: http://www.moneychi… read more
Lev
Lev
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Bachelor's Degree Equivalent
34,059 satisfied customers
- Owned home since Nov 1997; Purchase price: $435K - Rented
- Owned home since Nov 1997; Purchase price: $435K - Rented home from May 2003 to July 2006 - Demolished main house in Aug 2007, and city granted permission for two lots - Built new house in the old b… read more
Lev
Lev
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Bachelor's Degree Equivalent
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Calculating SEP Contributions with a Defined Benefit Plan.
Calculating SEP Contributions with a Defined Benefit Plan. Client is self employed, high income earner with both a Defined Benefit and Sep retirement plan (6% contribution limit). How is net income ca… read more
RD
RD
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Master's Degree
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How to calculate an employees SEP contribution for an integrated
How to calculate an employees SEP contribution for an integrated SEP plan. I am a sole proprietor with an integrated plan.… read more
Bill
Bill
Master's Degree
2,074 satisfied customers
If you have multiple partnerships that flow into your personal
If you have multiple partnerships that flow into your personal return can you consider only the income from a single partnership (which has made contributions to a SEP account on your behalf) on your … read more
Bill
Bill
Master's Degree
2,074 satisfied customers
I am a partner in a company and receive a schedule K-1 from ...
I am a partner in a company and receive a schedule K-1 from the company each year. The company does not provide a retirement plan. Can I establish an SEP and contribute the maximum amount (according t… read more
Leo Setter
Leo Setter
Doctoral Degree
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