Let's say I make 52,000 in 1099 income this year. Is there anyway I can put it all in a SEP-IRA (or any other kind of IRA) rather than limited myself to 25%? Incorporate myself? Thanks in advance. Any household income limits, too? Have a high-earning spouse.
No. rather than limited myself to 25%? Incorporate myself? No. Thanks in advance. Any household income limits, too? Have a high-earning spouse.
The easiest and least expensive way is to open a Solo 401K. It is sometimes called a self-directed 401K. You get to contribute the same amount as the SEP-IRA (employer contribution) and because it is a 401K, you are allowed the normal employee elective contribution. The elective amount in 2015 is maxed at $18K or $24K if you are eligible for the catch-up provision (age 50).
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