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I called Vanguard today they said I could contribute the
I called Vanguard today they said I could contribute the $5500 as an employee and the $5500 as employer in SEP account with 45k gross profit in 2018? As long as I only deducted the $5500 individual co… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
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Can you deduct all your contributions to a SEP Ira or only
Can you deduct all your contributions to a SEP Ira or only 6k per year? If my business profits were 40k in 2018 and I contributed 11k to my sep ira and plan to make same this year how much total can I… read more
NelsonProTax
NelsonProTax
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If you're 25 yrs old and just starting a your own business
If you're 25 yrs old and just starting a your own business would you recommend a roth or a traditional ira? Can you provide pros and cons of both please thank you… read more
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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, CFP, MBA, CRPS
Doctoral Degree
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We set up a two-member (spouses only) Self- Employed
We set up a two-member (spouses only) Self- Employed Retirement Plan with Fidelity and were told that our personal contribution to the Plan can be 24,000 per person (we both are above 50 years of age)… read more
Lev
Lev
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Bachelor's Degree Equivalent
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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
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Doctoral Degree
21,115 satisfied customers
I have had a small side business number of years that I
I have had a small side business for a number of years that I claimed on my taxes. I havent done much with it lately, so I didnt mention it in my 2014 taxes. I would like to include it in my 2015 taxe… read more
Robin D.
Robin D.
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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, CFP, MBA, CRPS
Doctoral Degree
21,115 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, CFP, MBA, CRPS
Doctoral Degree
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I'm a sole proprietor in MN. I do freelance advertising work,
I'm a sole proprietor in MN. I do freelance advertising work, just myself, no employees. I earned most of my money through 1099's and some through a W-2, even though I was just freelancing there. I wa… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
21,115 satisfied customers
Question regarding Additional Retirement Savings from free
Question regarding Additional Retirement Savings from free lancer side income. I am looking for options to put away more money in tax advantaged retirement account such as SEP IRA or similar. in 2013 … read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
21,115 satisfied customers
MARRIED COUPLE FILES JOINTLY. HUSBAND HAS $275,000 WAGES INCOME
MARRIED COUPLE FILES JOINTLY. HUSBAND HAS $275,000 WAGES INCOME FOR ENTIRE 2013 AND WIFE HAS $20,000 WAGES FOR FIRST QUARTER OF 2013 AND RESIGNS POSITION. BOTH WERE COVERED UNDER A QUALIFIED RETIREMEN… read more
Lane
Lane
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Doctoral Degree
21,115 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
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Doctoral Degree
21,115 satisfied customers
I own a small business where Im the sole employee drawing a
I own a small business where Im the sole employee drawing a salary and filing as an S CORP. What type IRA can I set up through my company to enable me to save money while gaining a deduction off my ne… read more
R. Klein, EA
R. Klein, EA
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How much of the 5000 $ contribution to a SEP IRA can I deduct
How much of the 5000 $ contribution to a SEP IRA can I deduct as a free-lance translator (self-employed, no employees, work from home)? I entered the amount in Turbotax in the "Deductions & Credits" s… read more
Bill
Bill
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SEP contribs are affected by how company pays compensation.
SEP contribs are affected by how company pays compensation. If through W-2, then can fund up to 25% of comp on behalf of employee. Then employee can contrib to the SEP up to IRA limit as well ($5K or … read more
Bill
Bill
Master's Degree
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Im married and filing jointly. Both me and my spouse made
I'm married and filing jointly. Both me and my spouse made the maximum traditional IRA contribution. In 2008, our MAGI high enough that if either spouse participated in an employer retirement plan no … read more
RD
RD
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Master's Degree
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We have a small towing and auto salvage business. Last ...
We have a small towing and auto salvage business. Last march we scrapped some metal for $66,000. As of Sept 30, 2007 we are $83,000 ahead of last year. My husband wants to scrap again soon because the… read more
Wendy Reed
Wendy Reed
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