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I'm a self-employed real estate broker with no employees. My income is all commission 1099. What type of IRA should I set up to begin using your strategies and how much of my income is allowable as contribution? Obviously with my income stream (or occasional lack thereof), the amount and timing of contribution will vary greatly.

Thanks!
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In your case, the quickest and easiest would be to open a SEP-IRA at a discount broker of your choice. You can deposit the lesser of 13.0435% or $$30K of your annual compensation. The contribution is discretionary, so it can be withheld in any year you choose to do so. One caveat, though. If you ever have employees, you will be required to contribute to a SEP-IRA for them as well at the same rate you do for yourself. See IRS Pub 560, Retirement Plans for the Self Employed, for details.

Regards.....Pixy
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<<I'm a self-employed real estate broker with no employees. My income is all commission 1099. What type of IRA should I set up to begin using your strategies and how much of my income is allowable as contribution? Obviously with my income stream (or occasional lack thereof), the amount and timing of contribution will vary greatly.>>

My thanks to TMF Pixy who responded to this question in my absence. A clear, concise, and complete response I might add.

TMF Taxes
Roy Lewis
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