SEP IRA + Roth IRA for small business owners
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- Опубліковано 19 чер 2024
- In this video, I'm talking about the SEP IRA and Roth IRA together to help you save more and lower your taxes. Using multiple retirement plans together can get a little more complicated and I'm sharing what I would want to know about these two plans.
00:00 Intro SEP IRA + Roth IRA
00:55 Who should consider the SEP IRA?
01:26 Who should consider the Roth IRA?
2:00 SEP IRA Contribution and Income Limits
2:44 Roth IRA Contribution and Income Limits
5:05 SEP IRA contribution calculation
6:29 S-Corporations and the SEP IRA
7:33 Backdoor Roth IRA contributions
8:28 IRS Publication 560
8:56 SEP IRA Contribution Rate Sheet
10:00 IRS Publication 590-a
10:20 MAGI for Roth IRA worksheet
10:55 Publication 590-b
11:19 Retirement Plan Rollover Chart
11:55 Issue #1
14:23 Issue #2
14:32 Issue #3
17:00 Issue #4
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00:00 Intro SEP IRA + Roth IRA
00:55 Who should consider the SEP IRA?
01:26 Who should consider the Roth IRA?
2:00 SEP IRA Contribution and Income Limits
2:44 Roth IRA Contribution and Income Limits
5:05 SEP IRA contribution calculation
6:29 S-Corporations and the SEP IRA
7:33 Backdoor Roth IRA contributions
8:28 IRS Publication 560
8:56 SEP IRA Contribution Rate Sheet
10:00 IRS Publication 590-a
10:20 MAGI for Roth IRA worksheet
10:55 Publication 590-b
11:19 Retirement Plan Rollover Chart
11:55 Issue #1
14:23 Issue #2
14:32 Issue #3
17:00 Issue #4
Yes, Travis is very helpful, Have a Happy Thanksgiving everyone.
Thanks for sharing. May GOD bless you and your family
Great information
Hey Travis!! Happy holidays buddy
Thanks! You too!!!
T, I'm very confused with all the Algebra !!
Thanks Travis! For the SEP IRA if a business only has 1099 employees must the business find a SEP IRA for the employees or can they simply fund the business owner SEP?
1099 are not included in any plan.
@@TravisSickle little confused by your statement..aren’t 1099 employees able to open SEP IRAs as a hog worker??…unless I’m misunderstanding your statement? 1099 gig workers using Schedule C eligible for SEP IRA
I may have missed it but it sounds like you’re saying if you’re below the income limits you can max out both Sep and a Roth in the same year. Is that right?
ua-cam.com/users/shortsjMns7qoJipw
Where does one get the solo 401k?
Most investment firms can set them up but they do have some differences. One of those is the ability to do the mega backdoor Roth. Our company can set it up as well.
If you have to do a backdoor roth and can do SEP contributions, couldn’t you fund the sep and do a conversion in December to zero out the SEP balance every year so you can do a backdoor roth in January and not have to worry about the pro-rata rule. If you convert everything once a year it should have very little tax ramifications.
Yes, that's possible to avoid pro rata and just convert every last dollar every year. I don't find that's always the best route but if it works for you then keep on going.
So, as a self-employed pastor and accountant I can contribute the max contribution both to my SEP and my Roth ira? Simple math=20% to SEP and 8,000 (2024) to the Roth. I am 60 years old.
right. assuming income limits etc.
What if I have S corp but I don’t pay myself as w2?
based on net profit.
i am a s corp with 2 other employess 1 of which is full time, they are both w2 same as me. If I contribute to the SEP do i only contribute to myself?
You MUST contribute the same percentage to ALL eligible employees. NOT the same amount but the same percentage of w2 income.