Author Topic: IRA issues with income  (Read 611 times)

px4shooter

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IRA issues with income
« on: March 05, 2018, 08:08:34 PM »
I misread some things and thought I would be OK. A trip to the taxman proved otherwise.

My employer has a deferred compensation plan. I have maxed my contributions per month. With my rental income and income from a small s corp, I thought I would be good to dump money into an IRA. I did. Wife is self employed and we maxed out her SEP.

Even with us maxing out these, we are still above the income for me deducting more money by using an IRA.

Is it worth dumping money into a ROTH? Or should I just keep pushing outside the tax deduction realm in normal investing?

I looked up the SIMPLE-IRA for self employed, but don't really think I can say she meets it. It seems it is offered as that. Anyone have any insight into a self employed SIMPLE plan?



DavidAnnArbor

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Re: IRA issues with income
« Reply #1 on: March 09, 2018, 03:06:11 PM »
Can she do both a SEP IRA and a SIMPLE IRA at the same time?