Comments on: Where Is My SEP IRA? http://www.consumerismcommentary.com/2006/04/08/where-is-my-sep-ira/ A premiere personal finance blog, established 2003. Within, Flexo discusses his own experiences with money, and he and other authors comment on a wide range of personal finance topics. Sat, 21 Nov 2009 16:42:00 -0500 http://wordpress.org/?v=2.8.5 hourly 1 By: » Schwab Lowers Account Minimums on Consumerism Commentary: A Personal Finance Blog http://www.consumerismcommentary.com/2006/04/08/where-is-my-sep-ira/#comment-93626 » Schwab Lowers Account Minimums on Consumerism Commentary: A Personal Finance Blog Fri, 20 Apr 2007 18:38:44 +0000 http://www.consumerismcommentary.com/2006/04/08/where-is-my-sep-ira/#comment-93626 [...] IRA with Vanguard. I chose Vanguard this time around because my fee-less TIAA-Cref account has too many [...] [...] IRA with Vanguard. I chose Vanguard this time around because my fee-less TIAA-Cref account has too many [...]

]]> By: » This Week in the Archives, Gas Price Spikes, Financial Advisors, Looks on Consumerism Commentary: A Personal Finance Blog http://www.consumerismcommentary.com/2006/04/08/where-is-my-sep-ira/#comment-91719 » This Week in the Archives, Gas Price Spikes, Financial Advisors, Looks on Consumerism Commentary: A Personal Finance Blog Fri, 13 Apr 2007 00:38:21 +0000 http://www.consumerismcommentary.com/2006/04/08/where-is-my-sep-ira/#comment-91719 [...] 8: Where is My SEP IRA? (5 comments) Apr. 10: Coming Soon: Gas Shortages or Price Spikes (5 comments) Apr. 12: Trading [...] [...] 8: Where is My SEP IRA? (5 comments) Apr. 10: Coming Soon: Gas Shortages or Price Spikes (5 comments) Apr. 12: Trading [...]

]]> By: » TIAA-CREF Funded My SEP IRA! » Consumerism Commentary: A Blog About Personal Finance http://www.consumerismcommentary.com/2006/04/08/where-is-my-sep-ira/#comment-2573 » TIAA-CREF Funded My SEP IRA! » Consumerism Commentary: A Blog About Personal Finance Fri, 28 Apr 2006 05:10:44 +0000 http://www.consumerismcommentary.com/2006/04/08/where-is-my-sep-ira/#comment-2573 [...] TIAA-CREF has finally come through! You may have been following the saga. If not, here’s the short version: In order to reduce my tax liability from self-employment income, I wanted to open a SEP IRA. The SEP IRA lets you contribute tax-free beyond the Traditional/Roth IRA limit, but only as an employer. I employ myself and generated several thousand dollars last year, so I qualify. [...] [...] TIAA-CREF has finally come through! You may have been following the saga. If not, here’s the short version: In order to reduce my tax liability from self-employment income, I wanted to open a SEP IRA. The SEP IRA lets you contribute tax-free beyond the Traditional/Roth IRA limit, but only as an employer. I employ myself and generated several thousand dollars last year, so I qualify. [...]

]]> By: » TIAA-CREF Didn’t Fund My SEP IRA » Consumerism Commentary: A Blog About Personal Finance http://www.consumerismcommentary.com/2006/04/08/where-is-my-sep-ira/#comment-2409 » TIAA-CREF Didn’t Fund My SEP IRA » Consumerism Commentary: A Blog About Personal Finance Tue, 18 Apr 2006 16:12:09 +0000 http://www.consumerismcommentary.com/2006/04/08/where-is-my-sep-ira/#comment-2409 [...] By last Monday, I did not see my account online and the ING Direct website showed that no money had been debited. I called TIAA-CREF to follow up and the representative said—after I was hung up upon and I called back—that everything would be in order within a few days. [...] [...] By last Monday, I did not see my account online and the ING Direct website showed that no money had been debited. I called TIAA-CREF to follow up and the representative said—after I was hung up upon and I called back—that everything would be in order within a few days. [...]

]]> By: wesleman http://www.consumerismcommentary.com/2006/04/08/where-is-my-sep-ira/#comment-2303 wesleman Sun, 09 Apr 2006 18:49:42 +0000 http://www.consumerismcommentary.com/2006/04/08/where-is-my-sep-ira/#comment-2303 Flexo, unlike traditional/Roth IRA, you can contribute to a SEP as late as Oct 15 so long as you file a 1040 extension and fund it "before" you actually file your 1040. About the maximum SEP contribution, it's actually 20% of X (X=your Sch C income less 1/2 of SE tax) and let's call it Y. Or alternatively, 25% of your Sch C income less 1/2 of SE tax less SEP contribution (X less Y). That's why a lot of people think it's 25% of your Sch C income. In a way, yes, but not exactly.. But if your SEP contribution is based on W-2, then it is 25% of your W-2 income. Flexo, unlike traditional/Roth IRA, you can contribute to a SEP as late as Oct 15 so long as you file a 1040 extension and fund it “before” you actually file your 1040.

About the maximum SEP contribution, it’s actually 20% of X (X=your Sch C income less 1/2 of SE tax) and let’s call it Y. Or alternatively, 25% of your Sch C income less 1/2 of SE tax less SEP contribution (X less Y).

That’s why a lot of people think it’s 25% of your Sch C income. In a way, yes, but not exactly..

But if your SEP contribution is based on W-2, then it is 25% of your W-2 income.

]]> By: Flexo http://www.consumerismcommentary.com/2006/04/08/where-is-my-sep-ira/#comment-2301 Flexo Sun, 09 Apr 2006 05:41:29 +0000 http://www.consumerismcommentary.com/2006/04/08/where-is-my-sep-ira/#comment-2301 If you are self-employed, you can contribute to your SEP IRA above and beyond the $4,000 limit for Traditional/Roth IRAs. The max seems to be 25% of your Schedule C income. So I maxed out my Roth IRA for 2005, but I'm throwing as much into the SEP IRA as possible. Hopefully I'll have everything qualified before taxes are due. If you are self-employed, you can contribute to your SEP IRA above and beyond the $4,000 limit for Traditional/Roth IRAs. The max seems to be 25% of your Schedule C income. So I maxed out my Roth IRA for 2005, but I’m throwing as much into the SEP IRA as possible. Hopefully I’ll have everything qualified before taxes are due.

]]> By: JR http://www.consumerismcommentary.com/2006/04/08/where-is-my-sep-ira/#comment-2300 JR Sun, 09 Apr 2006 05:38:18 +0000 http://www.consumerismcommentary.com/2006/04/08/where-is-my-sep-ira/#comment-2300 I'm considering doing the same, but I'm a bit confused. Is it possible to have both a normal IRA and a SEP IRA? If so, can I put the maximum ($4000 for me) in the normal IRA and more in the SEP? I’m considering doing the same, but I’m a bit confused. Is it possible to have both a normal IRA and a SEP IRA? If so, can I put the maximum ($4000 for me) in the normal IRA and more in the SEP?

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