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I am 62 years of age. I plan to collect SS at age 63. Could
Hello. I am 62 years of age. I plan to collect SS at age 63. Could you clarify what is considered "earnings" when pertaining to the withholding penalty for earnings above $15k? In other words, is IRA … read more
Rick
Rick
MBA
9,969 satisfied customers
A two part question. First of all, income made before the
A two part question. First of all, income made before the first social security check does not count against the earnings cap under the special earnings rule, correct? Second, what if the earnings aft… read more
Barbara
Barbara
Enrolled Agent, Paralegal
20,449 satisfied customers
I have a 401K which consists of many contributions from many
I have a 401K which consists of many contributions from many past jobs which I gathered together into one account that I put with Fidelity investments. I know work for a county government and have a p… read more
Barbara
Barbara
Enrolled Agent, Paralegal
20,449 satisfied customers
I am 62. I was employed throughout 2018 by an employer and I
I am 62. I was employed throughout 2018 by an employer and I had access to a 401K. However, I only set up the 401K on Dec 31, 2018 and did not make my first contribution until Jan 2019. I will become … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
23,416 satisfied customers
I recently changed jobs and my current employer doesn't have
I recently changed jobs and my current employer doesn't have a 401K and I am looking for options to fund my retirement accounts for the 2019 tax year. As I was researching for options, the Solo 401K s… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
4,188 satisfied customers
How does this work. I have a partnership. two partners, no
i have a partnership. two partners, no employees. we have a 401k plan. i have most of my income coming in as Guaranteed Payments. I did an elective deferral of $18k from this income. On the K-1, to me the correct treatment is for the Gauranteed Payments to all be included in Box 4, and for the 401k elective deferral to be reported in Box 13 code R. However, if this is done, our CPA tells me that my partner's capital account analysis (Part II line L) gets messed up with a double-deduction of the 18k. The current year decrease ends up counting the 18k twice. What is the proper treatment of this on the K-1? … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
40,888 satisfied customers
Lane have a client who paid their spouse who works for her
HI Lanehave a client who paid their spouse who works for her husband's company $18K through payroll so she could contribute $18k to a solo 401K she has with her husband. She received a W-2 from ADP wh… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
20,731 satisfied customers
I started taking $1500 per month from my IRA (age 62) in
I started taking $1500 per month from my IRA (age 62) in lieu of taking early social security. My dad passed away and I received an inheritance. Can I contribute to my IRA this year?… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
4,188 satisfied customers
What is the maximum contribution to 401k and Roth 401k for
What is the maximum contribution to 401k and Roth 401k for 61 year old? Are they separate limits or are they combined?… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
6,371 satisfied customers
ROTH 401k questions 1. Is the $18,000 amount the after tax
ROTH 401k questions1. Is the $18,000 amount the after tax amount you can put it or it is whatever's left of the $18,000 after taxes?2. When you put in your contribution amount is the % based off your … read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
6,371 satisfied customers
I have a huge 2016 tax bill. I also have an employer
I have a huge 2016 tax bill. I also have an employer sponsored 401K that I contributed to, but I didn't do the maximum allowed. I am also over 50. Is there a way for me to add more to my 401K before A… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
6,371 satisfied customers
I started an IT consulting business as a sole proprietor on
I started an IT consulting business as a sole proprietor on Jan 01, 2016, after I got laid off the previous year. Fortunately I was able to make over $100K in 2016. My wife - with whom I file tax retu… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,563 satisfied customers
I have a high income W-2 where I typically max out my 401k
I have a high income W-2 where I typically max out my 401k contribution. This year I'm starting a consulting business on a 1099. Can I setup a Solo 401k in addition to my W-2 401k? If so, can I contri… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,563 satisfied customers
I withdrew, I withdrew substantial amount from my 401k on a
I withdrew substantial amount from my 401k on a 59.5+ age. I realize it counts towards my income tax but I'm told it does not count toward my pre social security income base. Doesn't seem fair. Is this correct? … read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
6,371 satisfied customers
If I have a day job and I am also self employed. If I max
If I have a day job and I am also self employed. If I max out my 401k at my day job can I contribute to some sort of retirement plan with my sole proprietorship?… read more
Mark D
Mark D
Enrolled Agent
Master's Degree
1,338 satisfied customers
I am 73 and take SS and funds from my SEP-IRA for retirement
I am 73 and take SS and funds from my SEP-IRA for retirement money. I have decided to work part-time again in dentistry. I started in late 2014. I had expenses renewing my license and earned $1400 in … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
20,731 satisfied customers
My husband lost his job. I have my salary but it is not ...
My husband lost his job. I have my salary but it is not enough to pay the bills. If I pull money from IRAs or CDs to pay bills will I get taxed the full penalty for pulling the money before I am 59 1/… read more
Matt Kesler
Matt Kesler
Business Owner/Law Student
Doctoral Degree
1,646 satisfied customers
Hi,I plan on starting to collect my social security
Hi, I plan on starting to collect my social security in April 2007. I will be 62. I receive a small pension from my previous employer. $4600 a year. I am working now and plan to continue to work becau… read more
TaxAnswerMan
TaxAnswerMan
Bachelor's Degree
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