SEP IRA & ROTH IRA
Have a client that is self employed and income is $60,000 a year. She has a SEP IRA that she contributes 25 % each year, can she contribute $7,000 into a ROTH IRA Also in the same year? She is over 55 Years old.
Thanks!
Have a client that is self employed and income is $60,000 a year. She has a SEP IRA that she contributes 25 % each year, can she contribute $7,000 into a ROTH IRA Also in the same year? She is over 55 Years old.
Thanks!
Permalink Submitted by Alan - IRA critic on Tue, 2019-10-15 17:28
Roth contributions are subject to modified AGI limits. If client is single and does not have significant other income, she can make the Roth contribution.
Permalink Submitted by Anthony Perrone on Tue, 2019-10-15 17:36
Have a client that is self employed Schedule C makes the $60,000 a year. She has a SEP IRA that she contributes 25% each year, can she still contribute the $7,000 into a Roth IRA also in the same year? She is over 55 Years old
Permalink Submitted by Alan - IRA critic on Tue, 2019-10-15 18:07
Roth contributions are subject to modified AGI limits. If client is single and does not have significant other income, she can make the Roth contribution.