The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Need all Experts||Date: 5/28/2013 6:00 PM|
|Author: TMFPMarti||Number: 118630 of 125695|
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).
"Self-employed" means that you report the income and expenses from this business on Schedule C of your 1040.
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. \
What corporation? You just said you're self-employed. Which is it? You either are self-employed or you are an employee of a corporation. (You may also be a (or the sole) shareholder of that corporation.) If you work for a corporation, what kind of corporation is it, and how is it taxed?
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.
It's actually "taxable compensation," which could be an issue once we resolve the self-employed vs employee issue.
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.
At your age the limit on your total IRA contributions, Roth and traditional combined, for 2013 is the lesser of your taxable compensation or $6,500 .
If it's been more than 60 days since you took the distribution from the Roth for the rehab, you cannot replace it. The best you can do is make 2013 contributions, assuming you have sufficient taxable compensation.
Rule Your Retirement Home Fool
|Copyright 1996-2017 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|