Looking for ways to reduce taxable income this year...do TIRA contributions have any impact on SEP IRA contributions?
Example: MFJ couple, one not working, the other is self employed (1099). Let's say total income for the year is $30K. Both contribute $8K to TIRAs (both over 50). Can the working spouse also contribute to a SEP IRA? Do the contributions to TIRAs affect the amount that can be sent to the SEP IRA?
Thanks.
Example: MFJ couple, one not working, the other is self employed (1099). Let's say total income for the year is $30K. Both contribute $8K to TIRAs (both over 50). Can the working spouse also contribute to a SEP IRA? Do the contributions to TIRAs affect the amount that can be sent to the SEP IRA?
Thanks.
Statistics: Posted by feh — Mon Apr 08, 2024 1:04 pm — Replies 0 — Views 52