turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

flower15
New Member

I opened a traditional IRA; can this be considered a self employed retirement account, or does it have to be a 401k?etirement account

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
rainydaze
New Member

I opened a traditional IRA; can this be considered a self employed retirement account, or does it have to be a 401k?etirement account

A traditional IRA is not a self-employment retirement account.  There are a variety of self-employment retirement accounts including a 401(k).  The easiest to set up is a SEP IRA, which you can contribute to until the 4/18 deadline. The IRS website provides a list of options: https://www.irs.gov/retirement-plans/retirement-plans-for-self-employed-people.  

View solution in original post

2 Replies
rainydaze
New Member

I opened a traditional IRA; can this be considered a self employed retirement account, or does it have to be a 401k?etirement account

A traditional IRA is not a self-employment retirement account.  There are a variety of self-employment retirement accounts including a 401(k).  The easiest to set up is a SEP IRA, which you can contribute to until the 4/18 deadline. The IRS website provides a list of options: https://www.irs.gov/retirement-plans/retirement-plans-for-self-employed-people.  

I opened a traditional IRA; can this be considered a self employed retirement account, or does it have to be a 401k?etirement account

it is just as easy to open a SEP IRA as it is a Tradtional IRA.
At this late date you would have to open and fund it online somewhere.
First, be sure you had TurboTAX maximize - compute the maximum of - your SEP contribution so you don't overcontribute.

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question