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SEP IRA and Solo 401K. I am a small s-corporation's only
SEP IRA and Solo 401K. I am a small s-corporation's only owner / only employee. I used SEP IRA for 2019 and now am trying to prepare for 2020. Am I allowed to use both SEP IRA and Solo 401K? I already… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
35,897 satisfied customers
There isn't a day that goes by that I don't need you! I have
Hi Carter, There isn't a day that goes by that I don't need you! I have a single taxpayer that has AGI $ 136,037 for 2019. She contributed $ 6000 to a brand new Roth IRA. Does she have to pull the mon… read more
Carter McBride
Carter McBride
LLM
5,332 satisfied customers
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
Remote Tax Support Expert
Master's Degree
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I overpaid my 2016 and 2017 SEP payments. I was a contractor
I overpaid my 2016 and 2017 SEP payments. I was a contractor and never knew how much money I would earn until into the next year. Can I carry the excess over? What do I need to do? … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
35,897 satisfied customers
What is the maximum amount a tax payer can contribute to a
What is the maximum amount a tax payer can contribute to a IRA? Can the Tax payer also contribute to a SEP. if he can contribute to an IRA and a SEP , what is maximum amount of the contribution… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
35,897 satisfied customers
How do I calculate sep ira contribution on 90,150? My tax
how do I calculate sep ira contribution on 90,150? … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
4,162 satisfied customers
I currently have an S-Corp. My daughter will be in college
Carter -I currently have an S-Corp. My daughter will be in college next year and we need to plan for financial aid. In order to maximize grants, our income needs to be lower than 50K. I have some carr… read more
Alexander Efros
Alexander Efros
Financial Planner/Tax Specialist
Masters of Business Administration (MBA)
1,195 satisfied customers
I am self-employed (sole). I am about to open a new IRA
Hi, I am self-employed (sole). I am about to open a new IRA account (Self Employed IRA), but not sure which one would be optimal for my situation (SEP, Solo 401(k) or SIMPLE IRA). Here is one major va… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
19,188 satisfied customers
Sep-ira's, ok, I am a 50 year old physician and sole
ok, I am a 50 year old physician and sole employee of my s-corp... I earned w-2 wages of $93,555 from the corp, as well as another $291k in w-2 wages from other employers. I want to figure out the maximum contribution my s-corp can make to my sep-ira this year … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
19,188 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
19,188 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
Tax Advisor
Master's Degree
3,114 satisfied customers
My wife is the owner/operator of an LLC - I am the only employee.
My wife is the owner/operator of an LLC - I am the only employee. She does some work but is paid by what is left at the end of the year in the company (this year about $7K) - I earned $8K. The primary… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
35,897 satisfied customers
I use Quickbooks and Turbo Tax Personal and Business. I have
I use Quickbooks and Turbo Tax Personal and Business. I have a two person (husband and wife) LLC which files as a partnership (wife is inactive). This year I opened a solo 401K for myself. I do not kn… read more
R. Klein, EA
R. Klein, EA
Tax Advisor
Master's Degree
3,114 satisfied customers
I work as an independant contractor. I get a 1099-M form I
I work as an independant contractor. I get a 1099-M form I will make about $18,000 this year I also will get unemployment of arount $6000 I am fifty fifty five Can I contribute $6,000 to a ROTH-IRA ab… read more
Bill
Bill
Master's Degree
3,234 satisfied customers
MY Self employed income this year after deducting expenses
MY Self employed income this year after deducting expenses is around $18,000. I know I can/will contribute $6,000 to a ROTH IRA. I also want to contribute a SEP-IRA I believe based on my $18,000 "inco… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
27,092 satisfied customers
I am an employee of company X. Company X provides me with
I am an employee of company X. Company X provides me with a 401(k) plan that I contribute $15,500 to. Company X also matches my contributions. Let's say their match is $10K. In addition to my employme… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
35,897 satisfied customers
LLC has employees and has a Simple Retirement plan for ...
LLC has employees and has a Simple Retirement plan for them. Managing member does not pay himself a salary, but takes draws and is allocated income based on percentage ownership. Can the managing memb… read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
Master Degree
1,180 satisfied customers
am at a new company and they offer a SEP IRA plan for me to ...
am at a new company and they offer a SEP IRA plan for me to contribute to. I was reading over the rules for a SEP IRA and I had a question about the contribution limits. The rules I saw for 2006 show … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
35,897 satisfied customers
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