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#1
02-17-2007, 12:28 PM
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how much to contribute to a SEP IRA
This will be the first year Im filing as a poker pro, and I plan to make a contribution to a sep ira. lets assume i can make anything up to to 45k in contribuation.
Given my situation, how much should I contribute? -it's possible I will continue to earn the same amount in the next years, but with the state of poker being the way it is its also possible that my earnings will drop significantly. -i don't have plans to buy a house or other large purchases within the next 4-5 years, but i wouldn't mind the freedom to be able to do so -i am 26 years old -my current retirement $$ consists of 4500 in a roth ira 
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#2
02-17-2007, 12:37 PM
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Re: how much to contribute to a SEP IRA
my CPA told me that I cannot make a SEP contribution for 2006 unless the account was setup in 2006, I have not yet done the homework to learn whether this is the case or not.
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#3
02-17-2007, 01:01 PM
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Re: how much to contribute to a SEP IRA
If you make 200k+ a year off poker I would contribute the max of 45k but thats just me. If you make less obv you can't put as much in as you need $ to live off. Just put as much in as you feel comfortable with. For me it would be the max.
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#4
02-17-2007, 01:15 PM
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Re: how much to contribute to a SEP IRA
[ QUOTE ]
my CPA told me that I cannot make a SEP contribution for 2006 unless the account was setup in 2006, I have not yet done the homework to learn whether this is the case or not. [/ QUOTE ] I believe you have until the date you file.
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#7
02-17-2007, 03:44 PM
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Re: how much to contribute to a SEP IRA
[ QUOTE ]
my CPA told me that I cannot make a SEP contribution for 2006 unless the account was setup in 2006, I have not yet done the homework to learn whether this is the case or not. [/ QUOTE ] This is true. Krishan
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#9
02-17-2007, 03:46 PM
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Re: how much to contribute to a SEP IRA
[ QUOTE ]
[ QUOTE ] SEP paperwork has to be done before jan first. contribution can be until april 15th [/ QUOTE ] Sure you're not thinking of a Keogh? [/ QUOTE ] He is right. Krishan
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#10
02-17-2007, 03:54 PM
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Re: how much to contribute to a SEP IRA
I must be missing something.
http://www.irs.gov/retirement/article/0,,id=111419,00.html "Is there a deadline to set up a SEP? A SEP can be set up for a year as late as the due date (including extensions) of the business’s income tax return for that year." "What is the timeframe for depositing contributions into SEP-IRAs? Contributions for a year must be deposited by the due date (including extensions) for filing your Federal income tax return for the year."
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