Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 03-14-2015, 01:25 AM
Junior Member
 
Join Date: Mar 2015
Posts: 1
Got a W2 with 401k and a 1099 last year - how much can i put away in my SEP IRA ?

In 2014, I got both a 1099 When i consulted for a company for 6 months and a W2 with 401K when they turned me full time.
I put 10K on my 401K from the W2 income so i understand that i could still put more aside up to the 17500 max.
But i have also opened a SEP IRA and I was wondering how much i could take out of my 1099 income to put into this account ?
first can i put before tax $$ into both account ? and if yes what would be the limit ?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 03-15-2015, 01:25 AM
Moderator
 
Join Date: Oct 2010
Posts: 5,258
Quote:
Originally Posted by joannyj View Post
In 2014, I got both a 1099 When i consulted for a company for 6 months and a W2 with 401K when they turned me full time.
I put 10K on my 401K from the W2 income so i understand that i could still put more aside up to the 17500 max.
But i have also opened a SEP IRA and I was wondering how much i could take out of my 1099 income to put into this account ?
first can i put before tax $$ into both account ? and if yes what would be the limit ?
I put 10K on my 401K from the W2 income so i understand that i could still put more aside up to the 17500 max.But i have also opened a SEP IRA and I was wondering how much i could take out of my 1099 income to put into this account ?======>> The maximum contribution depends in part on whether the contribution is for an employee or, in the case of those self-employed, the owner. For the self-employed, the contribution limit in 2014 is the lesser of $52k or 20% of earnings;so, in addition to self-employed income you also have a regular job where you contribute to a 401k; your 401k contributions do not reduce the amount you can contribute to a SEP IRA. The answer is no, assuming that the 401k and SEP IRA are with two different companies not under common control. While the employee contribution limits to a 401k are per person, the employer contribution limits including a SEP IRA for the self-employed are per plan.



first can i put before tax $$ into both account ? and if yes what would be the limit ?========>>yes. A SEP can be set up for your business even if you participate in your employer’s retirement plan, 401k plan , in this case. The tax advantages are similar to a 401k. You can deduct your contributions to sep ira and your earnings grow tax deferred. You will be taxed on withdrawals from the SEP-IRA.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
401K distributions and part year residency raidermanz For 2013 3 03-21-2014 02:23 PM
401K distributions and part year residency raidermanz California 0 03-20-2014 06:57 PM
solo 401k change to roth solo 401k meffoar IRA/Sep 1 02-19-2014 06:29 AM
1099-INT wrong year...what should I do? miami148 Income 1 04-12-2012 11:00 PM
401K and part year resident Fearringtonflash Income 0 05-14-2009 11:45 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.