paying taxes

[Kyle]

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What is a SEP IRA? In a traditional and ROTH IRAs you can only invest 4k in them a year.

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google it for detail.

Basically it is a simplified empolyers pension which allows a self employed individual set up a tax deferred 401K

[technologic]

is the tax process any different for big tournament scores?

[Yeti]

Guys,

Cute thread.

[fish2plus2]

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Guys,

Cute thread.

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LOL

[pon]

man i'm glad i don't have to pay taxes on poker $$$ [img]/images/graemlins/laugh.gif[/img]
but man, the gas is not cheap [img]/images/graemlins/frown.gif[/img] $7.5/gallon.

[Sponger.]

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Guys,

Cute thread.

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Mod move to BBV? There is far too much bragging in this thread!

[Maulik]

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The SEP IRA lets you deduct the amount you put into it (up to 25% of your reported income) from your taxable income, up to a max of $44,000/yr. The magic number here is like $176k a year or whatever. You invest/save $44k tax free and pay taxes on the other $130k. The catch is that you can't withdraw this money from your IRA until you retire, if you do there are stiff penalties.

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Degen,

Are we allowed to have both ROTH & the SEP? This would be [censored] sweet.

[turnipmonster]

is a SEP generally what you do after you are no longer qualified to deposit in your roth?