Who maxed out their SEP IRAs this year?

**angelsofporn** · 04-13-2004, 06:35 PM

are you referring to the contribution that you can make to your ira with a maximum of i think 40k a year?

**gornyhuy** · 04-13-2004, 06:37 PM

Originally posted by angelsofporn
are you referring to the contribution that you can make to your ira with a maximum of i think 40k a year?

Isn't it 40% gross revenue? Is there a cap on the actual dollar amount?

**angelsofporn** · 04-13-2004, 06:40 PM

Originally posted by gornyhuy

Isn't it 40% gross revenue? Is there a cap on the actual dollar amount?

i dont think the irs would let you contribute 40% of your income and not pay taxes on it..no way

**MikeSmoke** · 04-13-2004, 06:42 PM

Originally posted by gornyhuy

Isn't it 40% gross revenue? Is there a cap on the actual dollar amount?

No, it's a max of 25% of your W2 income, i believe capped at 40K.

**m00d** · 04-13-2004, 06:43 PM

you may contribute up to 25 percent of income/ compensation, providing the contribution does not exceed $40,000

**m00d** · 04-13-2004, 06:44 PM

Originally posted by angelsofporn

i dont think the irs would let you contribute 40% of your income and not pay taxes on it..no way

no just 25% up to $40,000

**Doctor Dre** · 04-14-2004, 01:03 AM

There is something similar in canada called reer. I don't think the cap is 25 % tough.

**AlienQ - BANNED FOR LIFE** · 04-14-2004, 01:06 AM

Its all about the IRA's.

Just dont take anything out of em or ya fry

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