My employer and I have reached an agreement on a salary increase for me. My base salary increases $5,000 to $45,000 staring 7/1/00, and a $2,500 SEP-IRA will be created. My questions are:1) Is a SEP-IRA considered income, therefor taxed?2) Does it make a difference when the SEP-IRA is created?3) I have been making contibutions to my own traditional IRA, will I still be able to have a tax deduction for year 2000?4) If no deductions are allowed, should I turn my existing traditional IRA into an Roth IRA? The funds have been beaten down, so I think the tax will be less.Sorry for all the questions, but I'm a novice to finances, though I do read the Motley Fool. Thanks in advance to all Fellow Fools.
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra