Message Font: Serif | Sans-Serif
No. of Recommendations: 1
Question: what are max amounts I can contribute to the IRA, SEP, spousal IRA, and /or (potentially) Roth IRA? Goal is to fund these accounts to the max over the next 3-5 years so that various investments will grow tax deferred.

Instead of the SEP consider a SIMPLE 401(k) for your self-employment. For the self-employed your SEP limit is 20% of your Schedule C bottom line minus the adjustment to income for 1/2 of self-employment tax. The SIMPLE limit is higher (up to 100% of compensation). Important point: you must have the SIMPLE established by October 1 of the plan year.

See IRS Publication 560.

Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.