The IRS Deductions Blog

Posts Tagged ‘sep ira contributions deductible’

Question: Can I open a SEP IRA if my wife has a 401k at work?

My wife makes over $125k per year and receives a w-2 from her employer. She contributes to a 401k through her employer. I am a self employed consultant, sole proprieter with NO employees and receive 1099’s from my clients. I earn about $80k/year. I know any standard IRA contribution by either of us is Not Tax Deductible since she is in the 401k but if I open a SEP IRA are my contributions, tax deductible? Also, can I still open a SEP IRA before the filing deadline of April 15?

Answer: Yes, You can
the max you could contribute to your SEP IRA is 49,000.00
Your wife could max out her 401k at 16500.00

Items on Amazon Right Now for Sep Ira Contributions Deductible:

Financially Speaking: Useful financial data for 2011

Check out the following information to help you plan some of your 2011 financial strategies.

SEP IRA – http://AskBeauHenderson.com

Question: If I make my tax deductible 4,000 IRA contribution this tax year, will I also be able to put 4,000 in a ROTH?

Answer: No. The total contribution is $5000 (or $6000 if you are age 50 and above), no matter how many IRAs you have. If you put $4000 into a Traditional IRA, you can still put $1000 into your Roth IRA.

Items on Amazon Right Now for Ira Contributions Deductible:

FINANCIAL CORNER – Time to Make New Year’s Financial Resolutions

If you want to accomplish major milestones you may have envisioned you may need to set some New Year’s financial resolutions.

Tax Deduction Tips : Tax Deductions for Cash Contributions