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Financial Planning / Tax Strategies
|Subject: Iras and part time jobs||Date: 6/17/1998 12:24 PM|
|Author: Hunzi||Number: 4212 of 125861|
Hi! I think I know the answer to this but I just want to be sure...
I'm a stay-at-home mom, but I do have a small cosmetics business (self-employed) and a small part time job. My question is because I have earned income ( even if it's less than 2K/yr) I have to fund an IRA with my earnings, that is my husband can't fund it for me as a stay at home mom, right? So if I only make 1200 that's all I can add to the IRA?
I'm trying to add this to the decision on whether it's better not to have this part time job.
I know my self employed income could be covered under a SEP/IRA or something similar. Is it worth it for very small amounts? Can it be used in addition to a ROTH? Am I limited to the 2K contribution limit ( as in 2k minus what I put into the SEP? )
This is all new to me, so if I missed any obvious questions, please feel free to add those comments in as well.
Learning While I'm Earning,
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