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Retirement tax questions
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If 100% owner of an s-corp with $100k net income after expenses (including $50k salary to self), does that mean compensation is then $150k and that max SEP IRA contribution is 25% of that amount (so then $37,500)? Thank you.
jross1801 ‎Posted yesterday | Latest post 8 hours ago by dmertz
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justinfrancom07 ‎Posted 11 hours ago | Latest post 10 hours ago by HACKITOFF
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Hello, I'm having trouble finding a clear answer. I've weighed my options and decided to take withdrawal my profit share account from my previous employer. I understand I must pay taxes and penalties for both state and federal. The paper work provide... read more
jmedi ‎Posted yesterday | Latest post yesterday by Critter
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While filing taxes for the year 2018, I realized that my entire contribution to Roth IRA was in excess due to MAGI limit.I filed for an extension with the IRS and thereby extended my deadline to Oct 2019.I sold all of the holdings in my Roth IRA and ... read more
sankalp-money ‎Posted yesterday | Latest post yesterday by dmertz
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I am asking the insurance co to split the proceeds and send 2 1099-R forms showing the actual taxable amount for both of us, but if they can't how do I do this if it's all reported under my social, when I do my taxes next year? I would like to verify... read more
dgm ‎Posted May 31, 2019 | Latest post yesterday by JohnH2
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I am planning to make a backdoor Roth IRA contribution for this year. I currently have a very small rollover IRA with a balance of $2300. My understanding is that I can make a $6000 contribution to this IRA, and then convert the entire balance of $83... read more
canaanty ‎Posted yesterday | Latest post yesterday by dmertz
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jamcrocke ‎Posted yesterday | Latest post yesterday by dmertz
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I did not file my 1099-R 2017 (from Fidelity) last year as the distribution is from my contribution, but not any earnings. However today I received a mail from IRS saying that I my 1099-R has such distribution and I owe the tax. I checked my 1099-R a... read more
hebegg ‎Posted Sunday | Latest post yesterday by dmertz
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I have about 700k in a tax deferred account (IRA). I am considering moving some of it to my Roth IRA. My wife has no retirement accounts. My wife and I will file taxes "married filing jointly". If the Roth conversion is not done we will be near the h... read more
quietstorm ‎Posted Saturday | Latest post Sunday by fanfare
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How come I still get the question "Did John Repay Any 2016 Hurricane Distribution in 2018?" when I answer NO to the prior question "Did John take a 2016 Qualified Disaster Distribution?".
jathelen ‎Posted June 5, 2019 | Latest post Sunday by KrisD
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Sammy1 ‎Posted June 1, 2019 | Latest post Sunday by mesquitebean
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