IRA'S +SEP's...Anyone know this years maximum limits are ???

[drdon326]

any good websites for info ?

[thoughtanarchist]

1. for 2005 Roth contributions...

the max is $4000 for the year (but lowers and phases out according to your income)

Vanguard or fidelity websites have good summary of simple and roth ira limits and guidelines...

Can't help with SEP's ...sorry.

[Zynx]

2. I actually don't even know what an SEP is.

[A HERETIC I AM]

7. Self delete. Question is 3 years old (Sorry)

[silverlib]

3. limits

Here's a link for SEP - I am not familiar with these at all, but the link may help.

http://investsafe.com/smallbusiness.html

[scruffy]

4. Instead of a SEP . . ..

If you are self-employed with no other employees (except your spouse), you are able to do a solo-401(k), which lets you contribute more than any other plan (SEP, SIMPLE, etc).

Contributions to the SEP are based on net business income, while contributions to the solo-401(k) are the same as if you were employed by a large firm . . . for 2005 the limits are $14.000 if you are under 50, plus another $4000 catch-up if you are 50 or over. That's as much as $18,000 even if you make only $19,000 - the percentage of income doesn't matter. Plus on top of that you can do a profit sharing contribution of 25% of profits. By the time you're done, you can contribute $40k+, and do it much easier than with a SEP.

[Kolesar]

5. It is $5000 for year 2008. &look it up at irs.gov

It is a fast and well organized web site. The search tool works. You will get links for the forms and for the instructions. www.irs.gov

[Name removed]

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