Consumerism Commentary - Latest Comments in Income Taxes: Done and Over With

Re: Income Taxes: Done and Over With

Jonathan — Fri, 30 Mar 2007 03:04:02 -0000

I'm jealous!

I haven't even gotten around to filing my extension yet.

Re: Income Taxes: Done and Over With

Zachary — Wed, 28 Mar 2007 17:09:01 -0000

I got my taxes done really early this year. Much better than scrambling to do them last-minute!

Re: Income Taxes: Done and Over With

klerg — Mon, 26 Mar 2007 08:22:49 -0000

Sorry to keep asking questions...

I live in NJ too. Do you know of an online calculator for estimated state taxes? Or did you automatically just pay 1/3 of what you paid the feds to the state?

Re: Income Taxes: Done and Over With

Harlan Landes — Sun, 25 Mar 2007 23:17:03 -0000

NCN: Thanks!

Re: Income Taxes: Done and Over With

NCN — Sun, 25 Mar 2007 20:31:29 -0000

Hey Flex,
Just wanted to comment on the site re-design. It looks great!
NCN

Re: Income Taxes: Done and Over With

klerg — Sun, 25 Mar 2007 14:20:32 -0000

Excellent! Thanh VERY much for your help!

Re: Income Taxes: Done and Over With

Harlan Landes — Sun, 25 Mar 2007 14:15:54 -0000

That's right. When you make the SEP contribution, as long as you make it as your employer (your brokerage should let you choose to invest as the employer or as the employee) it does not count towards your Traditional/Roth IRA maximum.

(I am not a financial advisor, and I only know this because I went through the process myself this year and a year ago.)

Re: Income Taxes: Done and Over With

klerg — Sun, 25 Mar 2007 14:13:35 -0000

The calculator helps a ton! thanx much!

Just so I'm clear, I can max out my Roth for 2007 ($4000) and still put moolah in the SEP?

thanx again for your help!

Re: Income Taxes: Done and Over With

Harlan Landes — Sun, 25 Mar 2007 13:56:30 -0000

Klerg: 25% of your income from your Schedule C can be invested in your SEP IRA up to $44,000 for 2006, above and beyond your regular (Traditional/Roth) IRA limits.

Here's the handy calculator I use.

Re: Income Taxes: Done and Over With

klerg — Sun, 25 Mar 2007 13:34:46 -0000

Hey Flexo. Just curious RE: your SEP-IRA:

I've got a VERY small amount of side income that I'm claiming on a Schedule C for 2007 (maybe $3000). How much can I put in the SEP? 15% of what I claim on a Schedule C can go into it? Or can the full wack go in?