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Financial Planning / Tax Strategies
|Subject: Need all Experts||Date: 5/28/2013 4:48 PM|
|Author: Donna405||Number: 118627 of 124763|
OK, guys and gals. I have a situation.
1. I am 68 years of age, collecting SS, and have my own business which is a minimal income producer. (Self-employed real estate legal assistant, working from 5 - 10 hours per week). My corporation is continuing to contribute to the SEP-IRA and will do so as long as I have the corporation and a paycheck from same.
2. I have a ROTH, as well as a brokerage account. Whoa, now, I am not wealthy in any sense of the word.
3. With the Earned Income, it is my understanding that I may continue to contribute to the ROTH. As to the contributions, can I contribute my full amount of paychecks (gross) or the net received. How much can I personally contribute to the ROTH on a yearly basis. The reason I am wondering, is that I will receive a lump sum of money this summer, and would like to replace some money I extracted from the ROTH to rehab a house I have in FL.
For the rest of this, I am going to another message.
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