Questions tagged [sep-ira]
The sep-ira tag has no usage guidance.
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Is it permissible to make contributions to a SEP-IRA in excess of the current year's maximum and allocate them to the following year?
Is it permissible to make contributions to a SEP-IRA in excess of the current tax year's maximum allowed amount if those excess contributions are allocated to the following tax year?
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SEP IRA eligibility criteria?
I am trying to determine if I can establish and contribute to a SEP IRA. Here are what I think to be the relevant details and questions.
I receive a W-2 from my day job employer
I have side income ...
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What does this SEP contribution language from IRS mean?
The IRS website has the following:
For a self-employed individual, contributions are limited to 25% of your net earnings from self-employment (not including contributions for yourself), up to $61,000 ...
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Solo 401k contribution limit for high Schedule K-1 income
This is really two questions. For this post, I'm going to use a very simple example.
I have a single-member LLC with an S-corp election. I am the only employee.
In 2023, my W2 wages were $66,000. My K-...
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71
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How to understand "if contributions were made to a SEP IRA, they could potentially reduce the amount you can contribute to your Roth IRA" message?
I received the following message from Fidelity (with whom I have both Roth and SEP IRA accounts):
NOTE: SECURE 2.0 Act was signed into law on December 29, 2022. For
2023, if contributions were made ...
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Setting up an SEP-IRA for my single member LLC (taxed as an S-Corp)
I've set up a single member LLC (taxed as an S-Corp) for my self-employment work. I'm hoping to have the S-corp contribute some of my salary to an SEP-IRA which, as I understand it, means the S-corp ...
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672
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Can I treat a SEP contribution made in 2021 as partly for 2020 and partly for 2021?
I recently discovered I miscalculated my max contribution to my SEP for 2019 and 2020 so I MAY have excess contributions in 2019 and 2020. See What is the contribution limit for self-employed person ...
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What is the contribution limit for self-employed person to their SEP-IRA?
For a few years I've been contributing to a SEP-IRA for myself as the sole employee/employer. Until this year, I have been calculating my max contribution as 25% of my total SE income. I realize that ...
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48
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can SEP contribution be made more than one time for same year
Can a small employer make contribution to SEP similar to 401K with each pay check/1099 or at end of the year for previous year. So for example for 2021 contributions, can one give 10% in January 2022, ...
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When a position in a United States "SEP" account is sold are there any tax consequences if the sale proceeds remain in the SEP's deposit account?
I wanted to liquidate a particular position in my SEP account and reinvest the proceeds in another mutual fund to be held in the SEP. When I went to do so on the website of the trading company, there ...
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38
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2nd Job on W2 eligible for SEP-iRA?
I have a second job working on W2 as a contractor, am I eligible to invest in a sep-iRA? Both my first and second employer offer 401K's. How does this all effect my options for investing in a sep-iRA?
...
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585
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Backdoor Roth IRA conversion while owning SEP-IRA as well
I have a SEP-IRA from my consulting years, many years ago (I haven't contributed to it in years but it does have a balance).
I wanted to setup a backdoor Roth IRA conversion by creating Traditional ...
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803
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May I use my IRA account to pay off "parent plus" loans?
My spouse and I are 60 yrs old.
We paid for our first 3 children's higher education (in state 4 yrs $100,000) and launched them into adulthood without student loan debt, with the understanding they ...
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165
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Reduce Self Employment Tax
Thanks for looking into my post.
I am an independent contractor and I don't have any LLC or company.
Currently, I am paying 26% on the self employment tax even after contributing to SEP IRA.
Is ...
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66
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Traditional IRA and SEP IRA at the same time
I am self employed through my LLC and I am also employed by a company via W2
What would be my contribution limits to SEP IRA and Traditional IRA?
Are my SEP IRA contribution limits separate from my ...
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