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We are a couple ages 77 and 80 and do not have a lot of

We are a couple...

We are a couple ages 77 and 80 and do not have a lot of money to fall back on. In the past, we have used up IRAs and other tax qualified funds for necessities. Now we would like to put away some funds in 2018. I think we qualify for "catch up" amounts. Can you tell me what the limit would be?

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

We receive our income from social security, insurance sales renewals, and currently my husband drives for Uber. So self employed. If tax qual funds are exempt from income tax, are they also exempt from self employment tax? If so, that would be a hardship.

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Answered in 6 minutes by:
3/27/2018
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,692
Experience: Taxes, Immigration, Labor Relations
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You do NOT qualify for IRA contribution.

Sorry.

That contribution is limited by age 70 ½ and can't contribute anymore.

However - you might make Roth IRA contribution and SEP IRA contribution based on net earning your husband makes from self-employment activity.

These contributions will NOT be excluded from self-employment tax.

Contributions to SEP IRA may be excluded from income tax only.

Lev
Lev, Tax Advisor
Category: Tax
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Experience: Taxes, Immigration, Labor Relations
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Customer reply replied 25 days ago
Thanks, ***** ***** good information.
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