Personal Finance & Money Stack Exchange
Personal Finance & Money Stack Exchange

Questions tagged [sep-ira]

35 questions
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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 are on their own financially. We must do the same…
Giovanni
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Avoiding self-employment tax and maximizing retirement contributions

This is a follow-up to the answer to this question. Suppose you have a single-member LLC that makes $200k and that you would like to contribute the annual maximum of $54k to a SEP IRA. Is it possible to elect S-Corp taxation to reduce…
minou
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Adding spouse to single member LLC to reduce taxes

Suppose husband has a single member LLC, has a SEP IRA, and makes more than enough to max out annual SEP contributions. I'm curious if the wife could be added to the LLC to allow the wife to also receive SEP contributions and thus reduce overall tax…
minou
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What does “separate accounts” mean when rolling over into a 457(b)?

I have a SEP-IRA from an old, part-time job that I had in college with about $120.00 in it. I just opened a 457(b) with my state job. I'd like to roll that $120.00 over into the 457(b). According to the chart on the IRS website, I can do this.…
Daniel Wolfe
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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 can deduct that on taxes later on. I already have…
Charlie
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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 is wrong now, but finding the exact contribution…
Matt Chambers
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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, 10% in Feb 2022 and 5% in March 2022?
riya
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Can You Receive Both a Simple IRA and SEP IRA?

I am the employee of two companies. At one company, I receive a SEP IRA. I know that SEP IRAs are not included in the standard annual elective deferral limit. At the second company, I have the option to receive a Simple IRA. Can you receive…
Lloyd Banks
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SEP contributions when part of two LLCs

I am the sole member of first LLC, and I've been doing SEP contributions for several years now. In 2018, I want to start a second LLC where there will be a second member (let's call him John) who will own a relatively small amount (say 5%). My…
minou
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SEP IRA payments for single-member LLC

I've got a single-member LLC so it is all pass through income for taxation. I've created a SEP IRA. When I make contributions to the SEP IRA, should it come from the bank account of my LLC or my personal bank account?
minou
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SEP IRA across two tax years

I'm going to create an SEP-IRA for 2015, as I had some self employed income that contributed to a high marginal rate tax burden for that year. However, the amount I'm allowed to contribute from 2015's self employed earnings is just under the…
Joe
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Make a SEP contribution to a traditional IRA

I have a traditional IRA with Vanguard that originated as a 401k rollover (so they call it a Rollover IRA). This year I have a lot of self-employment income, and I am qualified to make a SEP IRA contribution of about $20,000 for the previous tax…
J T
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Can I avoid the penalty if I rollover a SEP IRA to a Roth and then pull out the money?

I have some SEP-IRA money that I am considering rolling over to a Roth IRA. Since Roth contributions can be pulled out without penalty, is it possible to roll over a SEP-IRA to a Roth IRA then immediately pull out the contribution to avoid the…
NeutronStar
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Do I need to complete SEP IRA deposit before April 15 (United States)?

On my 2018 U.S. tax return (already filed) I indicated that I would contribute a certain amount to a SEP IRA. I just initiated a deposit in the correct amount to my SEP account at Vanguard, but funds are being transferred from my bank account, and…
floorer1048
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2 401k's and a SEP-IRA

I have been a contractor for 9 months of this year where I earned 1099 income. I am an employee with a company that has a 401k. I am over 50 so I can contribute $24,000 to the company 401k, and the employer can contribute a match of let's say…
dacfer
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