Fri, 29 April 2022
You know you love the Roth IRA!
What’s NOT to love about free tax money?
Sometimes it is nice to get that tax deduction.
There is a pre-tax retirement tool called the SEP IRA - we are going to answer a reader question today about the SEP IRA.
The question: “I have a question about the SEP and Roth IRA - if my employer does not offer any type of retirement benefits, but I do have a Roth IRA from a previous employer - I am regularly contributing to my Roth IRA - also I would like to contribute to a SEP or Simple. Can I contribute to each without penalty? I am above the age of 50, what is the best route for me to contribute without getting a penalty/
I have spent a lot of time answering questions about the Roth IRA, but this one is unique. He is asking if he can have a SEP and a Roth.
Resources: Distribution Rules for SEP IRAs Rules and Limits to Open a SEP IRA for 2022 |