SEP IRA

  1. You have chosen to ignore posts from Maldenlady. Show Maldenlady's posts

    SEP IRA

    My boss started an IRA for me.  I'm not sure how to report that on my 1040.  I'm just putting that money directly into the IRA "for the benefit of Maldenlady".  No distribution involved.  Do I put this on the 1040?  Where?  I'm not self-employed.  Also, how do I tell if it's deductible vs. non-deductible -- or is that moot, if it's going from my boss to my IRA?  Silly questions, I know...but help!

     

     

     
  2. You have chosen to ignore posts from MASocietyofCPAs. Show MASocietyofCPAs's posts

    Re: SEP IRA

    In response to Maldenlady's comment:
    [

    My boss started an IRA for me.  I'm not sure how to report that on my 1040.  I'm just putting that money directly into the IRA "for the benefit of Maldenlady".  No distribution involved.  Do I put this on the 1040?  Where?  I'm not self-employed.  Also, how do I tell if it's deductible vs. non-deductible -- or is that moot, if it's going from my boss to my IRA?  Silly questions, I know...but help!

     

    Dear Maidenlady:

    If your boss is funding the account on your behalf, it is essentially the same as a coprorate pension plan (profit sharing) and there is nothing further that you need to do on your return, other than taking into account the fact that you are now participating in a retirement plan.  There is a small box on your Form W-2 that should be checked off to indicate that you are activlely participating in a retirement plan.  The only thing that this affects is your ability to make a deductible IRA contribution of your own.  There is a phase out of your ability to make a deductible IRA contribution in any year in which you are a participant in a retirement plan.  If you still desire to make a deductible contribution, there is a worksheet in the instrucitioins for the Form 1040 that you will need to complete to determine if and how much of a deductible IRA you may make for this year.

    Hope this helps in preparing your returns!

    Mark H. Misselbeck C.P.A., M.S.T., Tax Principal

    Katz, Nannis + Solomon, P.C.

     
  3. You have chosen to ignore posts from Maldenlady. Show Maldenlady's posts

    Re: SEP IRA

    In response to MASocietyofCPAs' comment:

    In response to Maldenlady's comment:
    [

    My boss started an IRA for me.  I'm not sure how to report that on my 1040.  I'm just putting that money directly into the IRA "for the benefit of Maldenlady".  No distribution involved.  Do I put this on the 1040?  Where?  I'm not self-employed.  Also, how do I tell if it's deductible vs. non-deductible -- or is that moot, if it's going from my boss to my IRA?  Silly questions, I know...but help!

     

    Dear Maidenlady:

    If your boss is funding the account on your behalf, it is essentially the same as a coprorate pension plan (profit sharing) and there is nothing further that you need to do on your return, other than taking into account the fact that you are now participating in a retirement plan.  There is a small box on your Form W-2 that should be checked off to indicate that you are activlely participating in a retirement plan.  The only thing that this affects is your ability to make a deductible IRA contribution of your own.  There is a phase out of your ability to make a deductible IRA contribution in any year in which you are a participant in a retirement plan.  If you still desire to make a deductible contribution, there is a worksheet in the instrucitioins for the Form 1040 that you will need to complete to determine if and how much of a deductible IRA you may make for this year.

    Hope this helps in preparing your returns!

    Mark H. Misselbeck C.P.A., M.S.T., Tax Principal

    Katz, Nannis + Solomon, P.C.



    Than k you!!  This helps...

     
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