#11
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Re: Opening SEP IRA for \'06--Am I missing anything?
[ QUOTE ]
i'm almost positive you have to have it funded by 4-17-07 to be considered a 2006 sep contribution. [/ QUOTE ] Barring some odd circumstance, this is correct. |
#12
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Re: Opening SEP IRA for \'06--Am I missing anything?
[ QUOTE ]
[ QUOTE ] hmm i did mine on Vanguard a few weeks ago but never filled out a 5305-SEP "Simplified Employee Pension I added the sep acocunt online then called them up and asked if there was anything else i needed to fill out and they said no. [/ QUOTE ] No big deal. Vanguard probably meant that they didn't need anything additional from you. You don't need to file 5305-SEP w/ the IRS. You just need to complete it, keep a copy in your records, and give a copy to every employee. [/ QUOTE ] So.... I don't need to do this then? |
#13
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Re: Opening SEP IRA for \'06--Am I missing anything?
Well, if it were me, I would fill it out and keep a copy in case of an audit. It's a <u>very</u> simple form...just a handful of fields.
http://www.irs.gov/pub/irs-pdf/f5305sep.pdf |
#14
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Re: Opening SEP IRA for \'06--Am I missing anything?
thanks tlc
im self-employed with no employees is this still neccasary? |
#15
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Re: Opening SEP IRA for \'06--Am I missing anything?
vanguard also told me i didnt need to fill anything out for the irs for my traditional ira- is this correct?
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#16
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Re: Opening SEP IRA for \'06--Am I missing anything?
Bump, because I'm considering doing this myself. Briefly it appears individual 401k > SEP-IRA.
http://www.sepira.com/sep_ira/sep-or-401k.htm "Summary For many successful business owners the decision of which retirement plan to choose comes down to either a SEP IRA or Individual 401k. Simply stated there are 2 primary advantages of the Individual 401k over the SEP IRA. 1. Potentially greater retirement contributions at the same income level, therefore maximizing retirement contributions and valuable tax deductions. 2. The option of a tax free loan using the balance of the plan as collateral via an Individual 401k loan. If you value the loan feature or want to maximize your annual retirement contributions then you should consider an Individual 401k if not then consider the simplicity of a SEP IRA." Who has considered both account types? And what did you end up choosing? |
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