Fixing a roth IRA ROLLOVER ERROR
I have a modified adjusted gross income of 105,950. My tax program says that i have to re-characterize my Roth roolovers because of my magi. I am married, part owner of a business with four other employes,and have only my Roths and my Tiras as a retirement plan. Can I start some kind of business retirement plan that will allow me to keep my rollover Roths I did last year without having to rechar. them? thanks for any help.
Permalink Submitted by Anonymous (not verified) on Mon, 2010-02-22 17:31
I would agree with mpeterson.
Just be aware that the SEP is a retirement plan that must also inlcude your employees. You may be able to exclude some, but it may be difficult. This means you must also give them contributiions – the same % of income as you give yourself. Ofcourse, you may deduct these as business expenses.
Talk to a tax advisor or call one of the big fund companies, as they may have a retirement plan department that may answer most of the questions anyway.
pko
Permalink Submitted by Richard Partin on Mon, 2010-02-22 21:32
Thanks guys for all the help.