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Tax experts/IRA experts.
Posted on 1/31/24 at 1:33 pm
Posted on 1/31/24 at 1:33 pm
A question. I have emailed my CPA, he hasn't answered yet.
I'm self employed. I have a business in FL and a business in AL. Basically I'm W-2 and K-1 in both. The Florida company maxed out a SEP-IRA on me. $66k. Can I contribute to a separate traditional IRA tax deferred? Or am I maxed out?
I'm self employed. I have a business in FL and a business in AL. Basically I'm W-2 and K-1 in both. The Florida company maxed out a SEP-IRA on me. $66k. Can I contribute to a separate traditional IRA tax deferred? Or am I maxed out?
5
Posted on 1/31/24 at 1:46 pm to XenScott
You can contribute, the question is whether you can get a tax deduction. My hunch is you won't. Find your situation here: Tax Deductibility Limits
Posted on 1/31/24 at 3:04 pm to XenScott
I don’t see how you could make a tax deductible contribution since your individual income is obviously at least $330,000 to have a $66,000 SEP contribution. May be able to backdoor a Roth though.
ETA- as pointed out below SEP balance would still count for pro-rata backdoor contributions rendering them pretty much useless. Completely forgot about it in my post.
ETA- as pointed out below SEP balance would still count for pro-rata backdoor contributions rendering them pretty much useless. Completely forgot about it in my post.
This post was edited on 1/31/24 at 8:43 pm
Posted on 1/31/24 at 7:52 pm to XenScott
Might want to look at some form of investment, outside of a qualified plan, that does not pay dividend or interest and concentrate on capital appreciation. All gains would unrealized until a sale occurs and be taxed at favorable capital gains rates at that time.
Posted on 1/31/24 at 10:39 pm to XenScott
quote:
Basically I'm W-2 and K-1 in both.
S Corp?
Might be time to look at a cash balance / defined benefit plan
Posted on 1/31/24 at 10:46 pm to XenScott
quote:
The Florida company maxed out a SEP-IRA on me. $66k. Can I contribute to a separate traditional IRA tax deferred? Or am I maxed out?
I think it's that amount of 25% of the salary with a cap (I think at or around 66k)
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