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Financial Planning / Tax Strategies


Subject:  Re: IRA, Roth IRA, and SEP Date:  1/15/2014  5:41 PM
Author:  TMFPMarti Number:  119857 of 127616

What is allowable for a combination of an IRA, Roth IRA, and SEP?

Assuming you're both under 50, $5,500 each for traditional/Roth IRA. (Total contribution between the two types for each of you cannot exceed $5,500.) For SEP, figured separately for each of you, it's 20% of (the bottom line of Schedule C minus line 6 or 13 of Schedule SE). There are SEP dollar limits also, but you won't come anywhere near them.

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