I am self employed and getting 1099 from my employer!! I have a Sep IRA, traditional IRA and Roth IRA
I make my own contribution to all of them!! What is my total contribution amount all together to these accounts? I made $4400 to Roth IRA and traditional IRA all together but i also made contribution of $15000 to my Sep IRA account so it is all together $19400
Am i ok with this amount or exceeded?
Because my accountant says i can't make more than $8000 all together!! What do i need to do?
I need help !!
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If age 50 or older your total traditional and Roth IRA amount is $8,000. But in addition you can contribute separately to a SEP IRA.
If age 50 or older your total traditional and Roth IRA amount is $8,000. But in addition you can contribute separately to a SEP IRA.
Keep in mind that, absent other compensation from a W-2 employer, the sum of your traditional SEP IRA contribution, personal traditional IRA contribution, Roth IRA contribution and the deductible portion of self-employment taxes is also not permitted to exceed your net profit from self employment.
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