K1 and W2 - SEP IRA Eligibility?

Discussion in 'Tax' started by Jim Garrison, Jun 18, 2007.

  1. Jim Garrison

    Jim Garrison Guest

    I have been a partner in a firm, receiving K1s, for several
    years. I have a personal SEP-IRA. This year I am going to
    receive W2 income in addition to K1 income. Can I still
    contribute up to 25% of my K1 income to the SEP-IRA?

    << ------------------------------------------------------- >>
    << The foregoing was not intended or written to be used, >>
    << nor can it used, for the purpose of avoiding penalties >>
    << that may be imposed upon the taxpayer. >>
    << >>
    << The Charter and the Guidelines for submitting posts >>
    << to this newsgroup as well as our anti-spamming policy >>
    << are at www.asktax.org. >>
    << Copyright (2006) - All rights reserved. >>
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    Jim Garrison, Jun 18, 2007
    #1
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  2. "Jim Garrison" <> wrote:

    > I have been a partner in a firm, receiving K1s, for several
    > years. I have a personal SEP-IRA. This year I am going to
    > receive W2 income in addition to K1 income. Can I still
    > contribute up to 25% of my K1 income to the SEP-IRA?


    are you covered by a qualified plan in your W2?

    ___________________________________
    <<< Benjamin Yazersky, CPA [NJ & NY] >>>
    -----> real address on hobokeni or hobokenx <-----

    << ------------------------------------------------------- >>
    << The foregoing was not intended or written to be used, >>
    << nor can it used, for the purpose of avoiding penalties >>
    << that may be imposed upon the taxpayer. >>
    << >>
    << The Charter and the Guidelines for submitting posts >>
    << to this newsgroup as well as our anti-spamming policy >>
    << are at www.asktax.org. >>
    << Copyright (2006) - All rights reserved. >>
    << ------------------------------------------------------- >>
     
    Benjamin Yazersky CPA, Jun 21, 2007
    #2
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  3. Jim Garrison

    Jim Garrison Guest

    Benjamin Yazersky CPA wrote:
    > "Jim Garrison" <> wrote:


    >> I have been a partner in a firm, receiving K1s, for several
    >> years. I have a personal SEP-IRA. This year I am going to
    >> receive W2 income in addition to K1 income. Can I still
    >> contribute up to 25% of my K1 income to the SEP-IRA?


    > are you covered by a qualified plan in your W2?


    Yes

    << ------------------------------------------------------- >>
    << The foregoing was not intended or written to be used, >>
    << nor can it used, for the purpose of avoiding penalties >>
    << that may be imposed upon the taxpayer. >>
    << >>
    << The Charter and the Guidelines for submitting posts >>
    << to this newsgroup as well as our anti-spamming policy >>
    << are at www.asktax.org. >>
    << Copyright (2006) - All rights reserved. >>
    << ------------------------------------------------------- >>
     
    Jim Garrison, Jun 25, 2007
    #3
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