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Financial Planning / Tax Strategies


Subject:  Re: SEP and IRA Date:  4/10/2008  9:19 AM
Author:  SABOB Number:  100175 of 128039

Thank you for the answers. I did mean that I had only made maximum contribution to SEP based on self-employment.

I reviewed the IRS publication. My AGI for 2007 was $105,000, or $2000 over cutoff for married filing jointly. Two questions:

1. Is that $105,000 AGI reduced (for deductibility of IRA contribution purposes) by my contributions to the SEP (thus bringing me under the $103,000 limit)?

2. May I now contribute the $5000 for 2007 (I'm over 50) to my existing rollover IRA and may my wife open an IRA for 2007 and contribute $5000 (she is also over 50)?
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