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#1: Can I have SEP IRA and normal IRA simultaneously

Posted on 2006-03-07 01:12:46 by gaminid

I am working for a small company who offers a SEP-IRA. This is my fist
year and I am not sure how much the company will contribute my SEP-IRA
this year and my guess is less than 5K. In the previous company that I

worked I was able to contribute the maximum allowed for 401K (about 13K

per year). I like to save maximum for my retirement and I am not sure
how can do that.

Can I contribute 8K to a normal IRA (so that total will be around 13K
for this year)?
What are my options to put more moeny away as a retirement fund in
addition to a SEP-IRA through my comapny?


My accountant says I have no other options other than the current
SEP-IRA. I feel it is not true!!


Thanks


Gamini

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#2: Re: Can I have SEP IRA and normal IRA simultaneously

Posted on 2006-03-12 00:50:51 by octogenerian

Your accountant is right. But how do you get in a SEP-IRA being NOT
self-employed? Are you an independent contractrator for the owner? If
so, 25% of gross income is the max for SEP-IRA.

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