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#2
10-31-2004, 02:54 PM
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 Re: How do i set up sep-ira and then traditional or roth ira for additional contribution? TIA - quote - > I urge you to consult a local CPA or EA about your choices
What happens if sep-ira drop me into 15% bracket? i thought> here. For example, I would generally not recommend funding a > SEP to the point of dropping you into the 15% bracket. that's the whole purpose of traditional ira, for immediate tax deduction on you income? TIA << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
10-23-2004, 09:50 PM
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| Re: How do i set up sep-ira and then traditional or roth ira for additional contribution? TIA - quote - > Hi this is my situation. i'm a self employed health care
I urge you to consult a local CPA or EA about your choices> provider. i have set up a professional associates(s-corp > entity) for my business which i work under. this year i > anticipate to gross 80k to 90k, i pay myself about 50k as an > employee, along with 24k tax deductable expeneses. i pay > myself the rest of net income in a form of distribution > (about 6k to 10k). i've done some research and found that i > may be eligible to set up sep-ira since i'm my own employer. > correct me if i'm wrong. i want to put in maximum amount > allowable(25% of salary) for sep-ira account and deducted > from my gross salary . after that, i'll then set up either > roth or traditional ira and put away another 3k. whcih way > is more beneficial. i want to set it up in a way that can > reduce my income tax. i want to consult someone about this > but not sure where to begin. i don't want to talk to some > mutual fund sales person that pretend to be a financial > planner ....TIA here. For example, I would generally not recommend funding a SEP to the point of dropping you into the 15% bracket. -- Thomas E Healy, CPA, PC 1650 38th St., Ste 202W Boulder, CO 80301 Please send email to: tom[at]tomhealycpa.com, since I block all email at my newsgroup address. phone (303) 443-1804 fax (720) 489-3772 << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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10-23-2004, 08:52 PM
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| Re: How do i set up sep-ira and then traditional or roth ira for additional c... "News Subsystem" <news[at]news.astraweb.com> writes: - quote - > i want to put in maximum amount
Given your numbers, the only thing that will reduce your tax> allowable(25% of salary) for sep-ira account and deducted > from my gross salary . after that, i'll then set up either > roth or traditional ira and put away another 3k. whcih way > is more beneficial. i want to set it up in a way that can > reduce my income tax. is the SEP contribution. Since the SEP constitutes being "covered" by a retirement plan, you wouldn't be able to deduct a traditional IRA contribution. You could, however, make a Roth contribution. Phil Marti Clarksburg, MD << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
10-22-2004, 07:23 AM
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| How do i set up sep-ira and then traditional or roth ira for additional contribution? TIA Hi this is my situation. i'm a self employed health care provider. i have set up a professional associates(s-corp entity) for my business which i work under. this year i anticipate to gross 80k to 90k, i pay myself about 50k as an employee, along with 24k tax deductable expeneses. i pay myself the rest of net income in a form of distribution (about 6k to 10k). i've done some research and found that i may be eligible to set up sep-ira since i'm my own employer. correct me if i'm wrong. i want to put in maximum amount allowable(25% of salary) for sep-ira account and deducted from my gross salary . after that, i'll then set up either roth or traditional ira and put away another 3k. whcih way is more beneficial. i want to set it up in a way that can reduce my income tax. i want to consult someone about this but not sure where to begin. i don't want to talk to some mutual fund sales person that pretend to be a financial planner ....TIA newbie << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| additional, contribution, ira, roth, sepira, set, tia, traditional |
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