Max wrote:

- quote -

He's right. And here's why.

You say that YOU set up the SEP IRA, therefore it is your
IRA, and since you contributed to one IRA, you can't
contribute to another IRA.

Now, IF the Corporation had set up the SEP IRA and
contributed the certain percentage of your salary (on your
W2), then you could also contribute to a separate Roth IRA,
just as I do.

ChEAr$$$$,
Harlan Lunsford, EA n LA
14 Apr 2005
one more DAY!

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

"Max" <eurodude2010[at]yahoo.com> wrote:

- quote -

It's possible, but there's not enough information in your
post to detmine whether YOU can. See IRS Publication 590
for the income limits. The SEP contribution has no bearing
on your ability to make a Roth contribution.

--
Phil Marti
Clarksburg, MD

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

I have an S-Corp with myself as the only employee and have
set up a SEP IRA. My company has contributed the maximum
amount into the SEP for 2004.

Now I am wondering if I can also contribute to my personal
Roth IRA. My CPA says I can't but I can't find any reference
that confirms this.

Does anybody know if it's possible?

Thanks

Hans

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