SEP IRA + Roth IRA for small business owners
ฝัง
- เผยแพร่เมื่อ 30 ก.ค. 2024
- In this video, I'm talking about the SEP IRA and Roth IRA together to help you save more and lower your taxes. Using multiple retirement plans together can get a little more complicated and I'm sharing what I would want to know about these two plans.
00:00 Intro SEP IRA + Roth IRA
00:55 Who should consider the SEP IRA?
01:26 Who should consider the Roth IRA?
2:00 SEP IRA Contribution and Income Limits
2:44 Roth IRA Contribution and Income Limits
5:05 SEP IRA contribution calculation
6:29 S-Corporations and the SEP IRA
7:33 Backdoor Roth IRA contributions
8:28 IRS Publication 560
8:56 SEP IRA Contribution Rate Sheet
10:00 IRS Publication 590-a
10:20 MAGI for Roth IRA worksheet
10:55 Publication 590-b
11:19 Retirement Plan Rollover Chart
11:55 Issue #1
14:23 Issue #2
14:32 Issue #3
17:00 Issue #4
/////////////////////////////////////////////////
Get answers FASTER...
Join this channel to get access to perks:
/ @travissickle
Chat on discord:
Join Link / discord
Support on Patreon:
/ travissickle
Get IRS FORM W4 TAX WITHHOLDING HELP HERE STARTING AT $39. bit.ly/3FJ6w8U
-----------------------------------------------------
Are you ready for professional investment advice? We can help you with financial planning and asset management. Let us guide your investments to your financial freedom. START HERE bit.ly/2Fo21Ry
Our financial planning process is an ongoing relationship because as you grow, your financial plan grows with you. At Sickle Hunter Financial Advisors, we believe that saving and making sound financial decisions will help improve your life’s changing needs and objectives. Retirement, college planning, wealth building, social security, and career benefit packets are only a few of the financial decisions that you may face in your lifetime and we’re here to help guide you.
TRAVIS T SICKLE, CFP®, EA®, AAMS®, CRPC®, RICP®
CERTIFIED FINANCIAL PLANNER™
Company Website: www.sicklehunter.com
twitter: @travissickle
Instagram: / travistsickle
facebook: / sicklehunterfa
LinkedIn: / travissickle
Sickle Hunter Financial Advisors
1646 W Snow Ave.
Suite 144
Tampa, FL 33606
-------------------------------------------------------
Gear Used in Videos bit.ly/3bUPvXP
Partnership referral links
Aura Identity Theft Protection Up to 50% off HTTPS://www.aura.com/travis
Bitcoin IRA bitcoinira.pxf.io/75aJQQ
bit.ly/3OPpmjZ
All Amazon links are affiliate links
____________________________________________________________________________
Information in this video is for educational and entertainment purposes only.
sicklehunter.com/disclosures
____________________________________________________________________________
#travissickle
00:00 Intro SEP IRA + Roth IRA
00:55 Who should consider the SEP IRA?
01:26 Who should consider the Roth IRA?
2:00 SEP IRA Contribution and Income Limits
2:44 Roth IRA Contribution and Income Limits
5:05 SEP IRA contribution calculation
6:29 S-Corporations and the SEP IRA
7:33 Backdoor Roth IRA contributions
8:28 IRS Publication 560
8:56 SEP IRA Contribution Rate Sheet
10:00 IRS Publication 590-a
10:20 MAGI for Roth IRA worksheet
10:55 Publication 590-b
11:19 Retirement Plan Rollover Chart
11:55 Issue #1
14:23 Issue #2
14:32 Issue #3
17:00 Issue #4
Yes, Travis is very helpful, Have a Happy Thanksgiving everyone.
Thanks for sharing. May GOD bless you and your family
Hey Travis!! Happy holidays buddy
Thanks! You too!!!
Great information
T, I'm very confused with all the Algebra !!
If you have to do a backdoor roth and can do SEP contributions, couldn’t you fund the sep and do a conversion in December to zero out the SEP balance every year so you can do a backdoor roth in January and not have to worry about the pro-rata rule. If you convert everything once a year it should have very little tax ramifications.
Yes, that's possible to avoid pro rata and just convert every last dollar every year. I don't find that's always the best route but if it works for you then keep on going.
I may have missed it but it sounds like you’re saying if you’re below the income limits you can max out both Sep and a Roth in the same year. Is that right?
th-cam.com/users/shortsjMns7qoJipw
Thanks Travis! For the SEP IRA if a business only has 1099 employees must the business find a SEP IRA for the employees or can they simply fund the business owner SEP?
1099 are not included in any plan.
@@TravisSickle little confused by your statement..aren’t 1099 employees able to open SEP IRAs as a hog worker??…unless I’m misunderstanding your statement? 1099 gig workers using Schedule C eligible for SEP IRA
So, as a self-employed pastor and accountant I can contribute the max contribution both to my SEP and my Roth ira? Simple math=20% to SEP and 8,000 (2024) to the Roth. I am 60 years old.
right. assuming income limits etc.
Where does one get the solo 401k?
Most investment firms can set them up but they do have some differences. One of those is the ability to do the mega backdoor Roth. Our company can set it up as well.
What if I have S corp but I don’t pay myself as w2?
based on net profit.
i am a s corp with 2 other employess 1 of which is full time, they are both w2 same as me. If I contribute to the SEP do i only contribute to myself?
You MUST contribute the same percentage to ALL eligible employees. NOT the same amount but the same percentage of w2 income.