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Author: WingKeung Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76394  
Subject: SEP and 401K Date: 3/21/2004 9:22 PM
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I have contributed $10,000 into my SEP IRA for Year 2004 (earned $160,000 from Jan 1, 2004 to Feb 29, 2004. After March 1, 2004. I am not self-employed anymore and become employee of a company. This company can get me involved 401K with annual max $13,000 contribution.

How much I can contribute to my SEP IRA and 401K for 2004 ?
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Author: Donna405 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 39967 of 76394
Subject: Re: SEP and 401K Date: 3/23/2004 12:05 AM
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If I recall correctly, you cannot contribute (tax-free) into your SEP unless you are self-employed. As you stated, the max for the 401K is $13,000.00.

You might want to open a traditional IRA if you are eligible. However, if I were you, I would open a ROTH IRA (if you are eligible). An accountant or others on this Board can give you more info on this.

Donna

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Author: jesserivera67 Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 39968 of 76394
Subject: Re: SEP and 401K Date: 3/23/2004 12:37 AM
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Take a look here at these publications and they may have your answer...

http://www.irs.gov/pub/irs-pdf/p560.pdf

http://www.irs.gov/pub/irs-pdf/p590.pdf

I believe Donna is correct and you should probably look into a Roth (if you make under $160k per year married filing jointly) or a Traditional IRA rollover otherwise.

HTH.

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