Hi ~
I would like to max out my retirement contributions before the end of the tax year. I own two small businesses in which I net about $20,000 (both together). I get an add'l $15,000 per year at a part-time job. I have just received some cash dividends for $35,000 and want to start a retirement account that I will contribute to regularly. I would like to put as much of this to my tax advantage. I think I can also get a Roth or other IRA for an additional $5550 in contributions (and tax deduction). (I have quite a bit in investments - $700,000 - but none in retirement accounts due to a divorce that left his 401k intact).
Any help would be so appreciated!
PS. If I haven't prepared my taxes for 2016, how do I determine the amount I can contribute? What happens if I over contribute?