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If employee salary $70,000 and S corp make SEP contribution…

If employee salary $70,000 and...
If employee salary $70,000 and S corp make SEP contribution $10,000 before S corp tax year end, if SEP account allow other type traditional IRA, how much does employee (age 50+) make non-SEP IRA contribution to SEP account?
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Answered in 18 minutes by:
3/16/2018
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,739
Experience: Taxes, Immigration, Labor Relations
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The employee is allowed traditional or Roth IRA contributions

REGARDLESS of having SEP.

with wages $70,000 - contribution limit is $6,500 if you’re age 50 or older.

HOWEVER

there might be deduction limit on that contribution - because that employee is covered by the retirement plan at work

That limit is based on filing status and on AGI

Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,739
Experience: Taxes, Immigration, Labor Relations
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