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K1 and W2 - SEP IRA Eligibility?

  
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Subject Author Date
K1 and W2 - SEP IRA Eligibility? Jim Garrison 06-18-2007
Posted by Jim Garrison on June 18, 2007, 9:27 am
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 I have been a partner in a firm, receiving K1s, for several
years. I have a personal SEP-IRA. This year I am going to
receive W2 income in addition to K1 income. Can I still
contribute up to 25% of my K1 income to the SEP-IRA?

<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
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Posted by Benjamin Yazersky CPA on June 21, 2007, 5:44 pm
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> I have been a partner in a firm, receiving K1s, for several
> years. I have a personal SEP-IRA. This year I am going to
> receive W2 income in addition to K1 income. Can I still
> contribute up to 25% of my K1 income to the SEP-IRA?

are you covered by a qualified plan in your W2?

___________________________________
<<< Benjamin Yazersky, CPA [NJ & NY] >>>
-----> real address on hobokeni or hobokenx <-----

<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ------------------------------------------------------- >>

Posted by Jim Garrison on June 24, 2007, 10:41 pm
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Benjamin Yazersky CPA wrote:

>> I have been a partner in a firm, receiving K1s, for several
>> years. I have a personal SEP-IRA. This year I am going to
>> receive W2 income in addition to K1 income. Can I still
>> contribute up to 25% of my K1 income to the SEP-IRA?

> are you covered by a qualified plan in your W2?

Yes

<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ------------------------------------------------------- >>

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