02-13-2008, 01:43 AM
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 Re: SEP / Roth IRA On Feb 11, 2:19*pm, bl...[at]triad.rr.com wrote: - quote - > Hello again.
like a 401k.> This being my first year (2007) self employed, I opened a SEP-IRA and > put 20% of my self employment income into it, right about $5500. > Having done that, can I still put 4k into a ROTH IRA for 2007? > And, I sure though I understood every publication to say that 20% was > the max contribution for a self employed contractor (with some upper > limit that is of no concern to me). *However, Turbotax really has the > entry very convoluted, and seemed to be letting me enter my entire > earnings. *Could someone confirm the 20% max for me? > Thanks. > -- > << ------------------------------------------------------- > > << The foregoing was not intended or written to be used, * > > << nor can it used, for the purpose of avoiding penalties *> > << that may be imposed upon the taxpayer. * * * * * * * * *> > << * * * * * * * * * * * * * * * * * * * * * * * * * * * * > > << * The Charter and the Guidelines for submitting posts * > > << *to this newsgroup as well as our anti-spamming policy *> > << * * * * * * * * *are atwww.asktax.org. * * * * * * * * > > << * * * * Copyright (2007) - All rights reserved. * * * * > > << ------------------------------------------------------- > Got part 1; yes, 4k in 2007 Roth and 5K in 2008. SEP-IRA is treated Part 2 - still not sure, still looking. -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#-1
02-11-2008, 06:19 PM
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| SEP / Roth IRA Hello again. This being my first year (2007) self employed, I opened a SEP-IRA and put 20% of my self employment income into it, right about $5500. Having done that, can I still put 4k into a ROTH IRA for 2007? And, I sure though I understood every publication to say that 20% was the max contribution for a self employed contractor (with some upper limit that is of no concern to me). However, Turbotax really has the entry very convoluted, and seemed to be letting me enter my entire earnings. Could someone confirm the 20% max for me? Thanks. -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
| Tags |
| ira, roth, sep |
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