IRA
I am a W-2 employee but also started in the real estate investor business but have not made any money as of yet in real estate. The income cap for contribution to the IRA (traditional/Roth) is 85K and this year I have passed that mark with my W-2 employment. I would have to withdraw that contribution??? Can I open a SEP IRA and move that contribution to the SEP IRA????
Need help. Need advice. :-?
You can still make a contribution to the Traditional IRA, but it would probably not be deductible. The profits and earnings would still be tax deferred. The SEP-IRA may work if you have income from another buisness.
[addsig]