MaryK4
Expert Alumni

Retirement tax questions

Rollovers are not included in the annual contributions limits- so you do not have to count any of the $11K from your previous employer.  

 

Your IRA contribution would be limited to $5,500 ($6,500 if you're age 50 or older).- but the Self-Employment SEP would be 25% of the employee's compensation, or $57,000 for 2020 and $58,000 for 2021.

 

See SEP Plans.

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