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I am 66 years old and self employed. My income this year
I am 66 years old and self employed. My income this year before taxes will be approx. 105K, how much can I put into a IRA … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,786 satisfied customers
I am an employee ( w2) and also a self employed. I want to
Hi , I am an employee ( w2) and also a self employed. I want to find out how much I can contribute to my sep IRA in 2017.On my w2 employment I have a 401k plan and I contributed 5k in 2017 ( through m… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
This question is for Lane, JD,CFP, MBA My wife and myself
This question is for Lane, JD,CFP, MBAMy wife and myself would like to establish SEP IRAs. I am 70 plus years of age and still working; I have a regular IRA, Roth IRA and 403B and 407B plans trough my… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,786 satisfied customers
I just finished the first year of operating an S-corp (2016)
I just finished the first year of operating an S-corp (2016) and am about to file my personal taxes. The corporate taxes are on extension until September. I asked the IRS to be considered an S-Corp in… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
6,651 satisfied customers
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
13,786 satisfied customers
I have a small (side) business through which I have a SEP
I have a small (side) business through which I have a SEP IRA. I also am employed full time.It has come to my attention this year that I may have been contributing too much to my SEP IRA last year.Las… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,511 satisfied customers
50/50 husband & wife owner of a company taxed as an S-Corp.
50/50 husband & wife owner of a company taxed as an S-Corp. Can husband & wife participate in a SEP? Is there a limit amount if it's a husband & wife?… read more
ABC Accounting Group
ABC Accounting Group
Bachelor's Degree
881 satisfied customers
Can a S Corp have both of the 401k account and Sep account?
Can a S Corp have both of the 401k account and Sep account? The Sep account is only for the owner-employee and the 401k account is for the ordinary employee. Are there any tax related requirements for… read more
Barbara
Barbara
Enrolled Agent, Paralegal
6,652 satisfied customers
I have W2 income that results in a fully funded 401k. I also
I have W2 income that results in a fully funded 401k. I also have 1099 income from a side job. Can I contribute to a SEP IRA as well, and if so , how much.… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,786 satisfied customers
If i accidentally funded my sep from when i was a sole
if i accidentally funded my sep from when i was a sole proprietor and did not set up a new sep as a scorp is it still deductible. It was funded prior to the extension date of 9/15 and was funded based… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,786 satisfied customers
I own and am the only employee of an s-corp. Is there a way
I own and am the only employee of an s-corp. Is there a way that would benefit my bot***** *****ne more financially if I set something up through the company or am I ok just doing something tax-free o… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,786 satisfied customers
S corp officer had $10k in Retained Earnings at the
S corp officer had $10k in Retained Earnings at the beginning of 2014. The Company earned income $50k during 2014. Officer took a distribution of $40k during 2014 and then in 2015 established a SEP IR… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,786 satisfied customers
Robin, One quick question. If my Sch C generates a profit
Hi Robin, One quick question. If my Sch C generates a profit of 200K can we first set up a SEP and invest 25% of such from Sch C, and then can me and my wife also on the top of this contribute 17,500 … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
there! I am the sole owner of an S-corp, and I have a
Hello there! I am the sole owner of an S-corp, and I have a SEP IRA. I took W2 wages of 144k in 2014, along with other cash draw distributions. I need to figure out: 1 - How much can the S-corp contri… read more
ShawnA
ShawnA
CEO
Bachelor's Degree
2,450 satisfied customers
I am small business owner making $200k/year, I don't take a
I am small business owner making $200k/year, I don't take a W2 salary from my business but withdraw money from my business account as and when I need and show that and what is left at the end of the y… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,786 satisfied customers
If I own an S Corp and I contribute to a SEP can I claim that
If I own an S Corp and I contribute to a SEP can I claim that contribution on my 1040 as a deductible on line 28, or must I file it on the 1120S??… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,786 satisfied customers
An S Corporation formed in 2012 has one employee, who is
An 'S' Corporation formed in 2012 has one employee, who is its stockholder & earns 300,000 per year. Can he set up a SEP by 12/31/2012 & how much can he contribute towards it? Does the contribution ha… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,786 satisfied customers
I am a single owner S-Corp (100% ownership). I opened a personal
I am a single owner S-Corp (100% ownership). I opened a personal SEP-IRA account. Can I contribute to the SEP-IRA by the S-Corp and deduct the contribution as an expense? I took reasonable salary (W-2… read more
socrateaser
socrateaser
1,458 satisfied customers
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