Message Font: Serif | Sans-Serif
UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev | Next
Author: hawtdawg Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 25247  
Subject: SEP-IRA, Traditional IRA, & Income Date: 6/11/2000 6:20 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
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.
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev | Next


Pencils of Promise - Back to School Drive
"Pencils of Promise works with communities across the globe to build schools and create programs that provide education opportunities for children."
Managing Your Wealth
Our own TMFHockeypop from Rule Your Retirement fame on the TV show Managing Your Wealth.
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.
Post of the Day:

The Saddest Place on iPhone Day
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! 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.