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http://boards.fool.com/greetings-acadian-and-welcome-you-asked-11716852.aspx
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| Subject: Re: SEP-IRA and net loss. | Date: 12/28/1999 12:35 PM | |
| Author: TMFPixy | Number: 16985 of 84477 | |
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Greetings, Acadian, and welcome. You asked: <<In a Foolish attempt to attain independence and financial freedom I have started a small business. Now with operations beginning in Oct of 1999, I will be posting a net loss for the '99 tax year. My question to the board is this "Can I make a contribution to a SEP-IRA established for the company for the 1999 tax year? The company did earn income but it was about $1000 less than the expenditures.>> SEP contributions may be made only from net income from self-employed. No income, no contribution. In your case, you may not make a 1999 SEP contribution in the circumstances you have outlined. Regards..Pixy |
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