We manage your retirement investments for as little as $9 a month and never have any hidden fees or sales commissions. Join us today @ www.jazzwealth.com
Investment related questions 📧 Dustin@JazzWealth.com
Business Affairs 📧Carolyn@JazzWealth.com…(read more)
LEARN MORE ABOUT: IRA Accounts
CONVERTING IRA TO GOLD: Gold IRA Account
CONVERTING IRA TO SILVER: Silver IRA Account
REVEALED: Best Gold Backed IRA
Big ups to everyone working effortlessly trying to earn a living while building wealth. I’m 50 and my wife 44 we are both retired with over $3 million in net worth and no debts. Currently living smart and frugal with our money. Saving and investing lifestyle made it possible for us this early even till now we earn monthly through passive income.
Thanks to fire movement.
Thanks!!
I’m 55. My parents died. I inherited their IRAs. Is there a way to avoid paying taxes this year?
25% of your net income (after all your deductions). So 25% of $224K = $57k. That's the amount you can make in a contribution to your plan. as of 2020. It's been bumped up to $58k in 2021.
Do I open the IRA on my name or my company's name?
Do you have a single SEP-IRA's or multiple SEP-IRA's if multiple contributors?
1. Would my employed (W2) and self employed (sole prop) SEP-IRA contributions go in to a single SEP-IRA, or would I be required to have two SEP-IRAs?
2. Is there any problems with taking a SEP contribution for my sole prop income and S-Corp W2 income?
3. Would I keep two Form 5305-SEP's for my records?
My Sole prop income was in Q1 only. This sole prop then became a SM-LLC (S-corp election) and was my income for the rest of the year.
Thank you very much.
But if a business owner is giving to a employees SEP then what’s the continuation amount, since it employer based does it go off of there amount or the employees???
This seems to be a general question but I could not find a answer anywhere:
/?
when employer contribute the SEP IRA for an employee, does the amount come from the employee's compensation or is the amount additional to the employee's compensation
My question is how to fund my SEP account. I get paid by my clients. The money goes into my business account, and I take a member distribution (singe LLC) for my personal paycheck. Should my contribution come from my business account or personal account?
How many years do I need to have been self employed??? or is there not a time frame?
Do SEP IRA and Roth IRA have separate contribution limits? Or are they somewhat combined like that of Roth and Traditional IRA? I currently have Roth and HSA accounts that I max out each year, am considering opening a SEP Ira to contribute to after the Roth and HSA are maxed out.
Great video! I am self-employed c corp. Is the SEP funded with corporate funds and therefore the corporation also takes a tax deduction or Is it funded only through personal employee funds ?
I have a Roth IRA that I contribute to with my earnings from my full time job. I also have a part time job, where I am considered to be a independent contractor. I want to open a SEP IRA to deduct some of the taxes I have to pay. Is this a wise decision, since being taxed later when I retired it would be relatively higher?
Well explained. Thanks for posting this video, very helpful sir.
Good info, thanx
Can I roll over a Roth IRA into a SEP IRA without penalty?
So is it 25% of just the business earnings or since I have a business and a w2 job can it be 25% of that combined?
I own my own business and have only a savings account. A SEP IRA sounds like my best option, but I'm 43. Is it too late?
Excellent. Have been setting these up for a ton of clients.
Thanks
This is what I am currently researching
Hi! Quick question: Is that 25% of your TOTAL contribution or your adjusted gross income? I can't seem to find that answer anywhere! Thanks in advance!
can you use a traditional IRA in place of your SEP IRA?
Heads up, if you are a business owner that receives compensation as personal income (no W-2), then the limit is 20% (not 25%) or $55,000 as of 2018.
If I’m a Corp s with employees do I have to contribute to my employees or can I just save for myself?
So the SEP IRA has to be under a business name or a EIN? I am a freelancer that obtains W2s from my employers.
I'm a truck driver owner operator of I buy another truck and hire a driver and pay him on a 1099 do I have to contribute towards him as if an employee
So if you work for a large company but have a sole proprietorship on the side, I gather that qualifies you for a SEP IRA? Does the 25% of income include just the income from the business, or does it specify total income, ie can I do 25% of the total between my side business and my job in addition to my Roth IRA and 401k contributions?
I'm self employed and expect to make around 80k this year, So that means I can put around 20k In a sep Ira, when I do my taxes this year I expect to pay somewhere around 15k-18k in taxes. If I do 20k in the Sep-ira how much would I owe the tax man at the end of the year zero?…. Or is Net made 80k minus my 20k in the sep-ira so my taxable income is reduced to 60k?
Dustin, good video, short and sweet.