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Calculators, forums, articles and more on 72(t) and 72(q) /SEPP Plans. Includes RMD Calculators...

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  • A sole proprietor (unincorporated business owner) made contributions in excess of the deductible amount for the previous tax year to his SEP IRA. He has no employees (other than himself) and wants to leave the amount in the SEP IRA and apply it to the current tax year. Is that permissible?

     

  • An individual is ineligible to deduct his traditional IRA contribution, and has decided to make a nondeductible contribution.  I understand that he needs to keep track of his nondeductible contribution, so as to prevent the amount from being taxed when distributed.  Should he establish a separate traditional IRA for this?