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Marie

IRA contribution

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Client  has a business and the last couple of years put in money in his and employees SEPs.  This year he is not going to fund the employees SEP.  Can him and his wife both take out an IRA? 

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If income is low enough, you can do both an IRA and a SEP (or 401k, etc).

I suppose whoever did the W2's still checked the retirement plan box? Not sure what the rule is on that if there are no contributions one year.

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INCOME TOO HIGH FOR BOTH, I GUESS EMPLOYEES HAVE A PLAN, JUST NOT FUNDED.  ??  EMPLOYEES HAD NO PROBLEMS WITH THEIR w-2'S AND IRAs

need to make corrected W-2?

 

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