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Does anyone here have a SEP IRA along with a regular IRA?
My question is, can I contribute 6500 a year to both IRAs or can my total for both only be 6500?
You as an individual don't contribute to a SEP IRA, your employer does. The tax exempt contribution limits for individual IRAs still apply and they depend on your income.
You as an individual don't contribute to a SEP IRA, your employer does. The tax exempt contribution limits for individual IRAs still apply and they depend on your income.
I am self employed so how would my employer contribute to it?
I am self employed so how would my employer contribute to it?
lol I was thinking the same thing, a SEP IRA is a self employed IRA. I have a SEP IRA, I belive the only way to do an IRA, at least in my case would be the "back door" IRA
I think you can do both but it has been a long time since I looked at this and the laws are changing this year.
Assuming you have no employees. Make your SEP contribution. Think of this as if you were the employer making the contribution and then that you are the employee getting the contribution. After the SEP I think you can make a regular IRA contribution. Just like if you were an employee with a co that had a 401k.
I have SEP IRA being self employed. Not sure of the formula but it's like 25% of your income can go into a SEP up to about $55,000 a year. My annual contribution is $25-40k a year which is way above the $6k you mention.
I have SEP IRA being self employed. Not sure of the formula but it's like 25% of your income can go into a SEP up to about $55,000 a year. My annual contribution is $25-40k a year which is way above the $6k you mention.
OK, I just have to pay him every time I talk to him. I'd rather see if I could just set it up through Fidelity.
You can try calling the IRS info line for 1040 taxes or an email. You might get your answer.
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