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Old 05-27-2004, 03:46 AM
Phil Marti
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Default Re: Question regarding 401k and SEP IRA

erblonddoc[at]yahoo.com (T Naik) writes:

- quote -

> I have a question regarding a 401k and SEP IRA. I
> established a SEP IRA when I was self-employed. I am still
> self employed until July but have started with a new company
> that offers a 401k. I will be contributing to the 401k but
> can I still contribute to my SEP-IRA?


Yes. See IRS Pubs 560 and 590.

- quote -

> Can I still have my
> SEP-IRA or do I need to close it since I am no longer
> self-employed?


Once SEP contributions are in the IRA, the IRA itself is
just a plain old vanilla traditional IRA. You can still
contribute to it, but deductibility depends on AGI because
of your plan coverage (the 401(k)) at work. (Pub 590)

Phil Marti
Topeka, KS

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Old 05-25-2004, 11:34 PM
T Naik
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Posts: n/a
Default Question regarding 401k and SEP IRA

I have a question regarding a 401k and SEP IRA. I
established a SEP IRA when I was self-employed. I am still
self employed until July but have started with a new company
that offers a 401k. I will be contributing to the 401k but
can I still contribute to my SEP-IRA? Can I still have my
SEP-IRA or do I need to close it since I am no longer
self-employed?

Sincerely,
T.Naik

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->
 

Tags
401k, ira, question, sep
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