sep ira
i am an employee and my company stopped the 401k in 12/2016.
i have not contributed to it for many years.
i rolled the money in to an existing traditional IRA.
one CFA said i can start contributing a max of $6,500 per year because i am 50 years old.
another CFA said i am eligible for a SEP IRA with a max of $53,000 per year.
WHAT IS THE TRUTH????
Permalink Submitted by Alan - IRA critic on Tue, 2017-02-28 23:31
You can only contribute to a SEP IRA if you are an employee of a company that has adopted a SEP IRA or in respect to the 53k (now 54k) if you are self employed with enough net earnings. Otherwise, you cannot contribute to a SEP IRA. You are eligible for a 6500 non SEP TIRA distribution (TIRA or Roth) whether you contribute to a SEP IRA or not, but you must have earned income or your spouse has earned income. You may or may not be able to deduct a TIRA contribution depending on your modified AGI and participation in a workplace retirement plan. In any year you make a SEP contribution you are an active participant for that year.