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Retirement tax questions
I think AnnetteB6 is confused about the types of employment that you have. It appears that you have income from self employment and also income from another employer (in which, I assume, you do not have a controlling interest).
Any retirement contributions made on your behalf at your W-2 employer have no bearing on the amount that you are eligible to contribute to a SEP-IRA from your self-employment income. Your maximum SEP contribution for 2019 from self-employment income is 20% of net earnings, or $56,000, whichever is less. Net earnings is net profit minus the deductible portion of self-employment taxes.
March 24, 2020
6:04 AM
9,876 Views