Who maxed out their SEP IRAs this year? - GoFuckYourself.com

m00d · 04-13-2004, 07:18 PM

I've maxed out the last 3 years. I wanted to this year to get those tax savings, but after going over my financial picture I decided I had too high a percentage of my assets in IRAs.

It kind of sucks, but it's the best long-term tax and retirement planning decision for me. I hope some of your younger/newer guys are taking advantage of the SEP IRA.

angelsofporn · 04-13-2004, 07:35 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, 07:37 PM

Quote:

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, 07:40 PM

Quote:

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, 07:42 PM

Quote:

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, 07:43 PM

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

m00d · 04-13-2004, 07:44 PM

Quote:

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, 02:03 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, 02:06 AM

Its all about the IRA's.

Just dont take anything out of em or ya fry

04-13-2004, 07:18 PM	#1
m00d So Fucking Banned Join Date: May 2002 Location: Parts Unknown Posts: 3,129	Who maxed out their SEP IRAs this year? I've maxed out the last 3 years. I wanted to this year to get those tax savings, but after going over my financial picture I decided I had too high a percentage of my assets in IRAs. It kind of sucks, but it's the best long-term tax and retirement planning decision for me. I hope some of your younger/newer guys are taking advantage of the SEP IRA.

04-14-2004, 02:06 AM	#9
AlienQ - BANNED FOR LIFE best designer on GFY Join Date: Mar 2003 Location: IALIEN.COM - High Definition Video and Photographic Productions -ICQ 78943384 Posts: 30,307	Its all about the IRA's. Just dont take anything out of em or ya fry __________________ NAKED HOSTING FTW!11 I'm On The INSANE PLAN $9.95/mo! \| The Alien Blog Adult News Worth Reading Updated Daily \| Content For Sale! 641 PICS 216 MINUTES OF VIDEO $350.00 \|ICQ: 78943384 \|

04-13-2004, 07:35 PM	#2
angelsofporn Confirmed User Join Date: Mar 2002 Location: CA Posts: 3,218	are you referring to the contribution that you can make to your ira with a maximum of i think 40k a year?

04-13-2004, 07:43 PM	#6
m00d So Fucking Banned Join Date: May 2002 Location: Parts Unknown Posts: 3,129	you may contribute up to 25 percent of income/ compensation, providing the contribution does not exceed $40,000