72TS AND CONTRIBUTING TO NEW IRA
L1: 72TS AND CONTRIBUTING TO NEW IRA
I am 48 and have a sepp account, I want to contribute to an ira account because I started to make income in another job, is this legal and can I still take the deduation on personal income on my IRA.
2011-09-06 02:15, By: FRED, IP: [22.214.171.124]
L2: 72TS AND CONTRIBUTING TO NEW IRA
Yes, but make sure that these new contributions are to a new IRA account. This would offset all or part of the SEPP distributions as far as your tax picture.
Also, depending upon your situation, consider making these to a ROTH IRA if that makes more sense, but then you would notget the tax deduction, but wouldavoid any other taxation ever to you, your spouse, or your children and grandchildren, on the income
( dividends, interest, or capital gains/growth).
2011-09-06 14:07, By: dlzallestaxes, IP: [126.96.36.199]