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Posted by blaha on February 12, 2008, 9:43 pm
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On Feb 11, 2:19 pm, bl...@triad.rr.com wrote:
> Hello again.
> This being my first year (2007) self employed, I opened a SEP-IRA and
> put 20% of my self employment income into it, right about $5500.
>
> Having done that, can I still put 4k into a ROTH IRA for 2007?
>
> And, I sure though I understood every publication to say that 20% was
> the max contribution for a self employed contractor (with some upper
> limit that is of no concern to me). However, Turbotax really has the
> entry very convoluted, and seemed to be letting me enter my entire
> earnings. Could someone confirm the 20% max for me?
>
> Thanks.
>
> --
> << ------------------------------------------------------- >>
> << 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 atwww.asktax.org. >>
> << Copyright (2007) - All rights reserved. >>
> << ------------------------------------------------------- >>
Got part 1; yes, 4k in 2007 Roth and 5K in 2008. SEP-IRA is treated
like a 401k.
Part 2 - still not sure, still looking.
--
<< ------------------------------------------------------- >>
<< 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 (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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