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Posted by anna on January 12, 2008, 3:16 pm
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Need help with understanding this tax issue
Hi
Background
*******************
1. My husband and I have a small business. We are partners. We file
form 1065 every year.
We set up a Solo 401K retirement / Profit Sharing Keogh in 2007. We
will be making contributions based on the income in this business. He
is under 50 years old.
2. In addition, my husband does some consulting outside of this
partnership. So he has some SE income from this source too. He has an
existing SEP IRA account from before.
He would like to make an SEP IRA contribution.
We are told that the max contribution one can make is $45,000 for 2007
for folks under 50 years
Question :
******************
Can he get contribute to BOTH plans (based on the income of the 2
different sources) as long as his contribution is under $45,000 in
total ?
Pls let me know.
Thanks,
Anna
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