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 ?
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
Take a look here at these publications and they may have your answer...http://www.irs.gov/pub/irs-pdf/p560.pdfhttp://www.irs.gov/pub/irs-pdf/p590.pdfI 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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