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IRA Contribution from Two Jobs

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prq20

Junior Member
What is the name of your state (only U.S. law)? California

I have a situation: I worked as a regular employee for company A from Jan till June 2010. There, I have contributed to employer sponsored 401K for which my employer had a matching contribution.

I opened my own company and have run my payroll starting Oct 2010.

Given that I have participated in employer's 401K, I am eligible to contribute up to $5000 (Single) to Individual IRA.

What options are available for me to put aside some of my income (Profit Distribution or W2 Income) being the owner of S Corporation to a Retirement account such that I can maximize my retirement savings for year 2010?

If I have 401K and traditional IRA, can I still contribute to SEP IRA for the last year?

If yes, how would I calculate my Income to arrive at the 25% value of Income to be se aside into an IRA account? Will it be the total Income from all the jobs in 2010 or the Income I realized from my own Company (W2, Profit Distribution or both combined?)

Thanks for all your help.What is the name of your state (only U.S. law)?What is the name of your state (only U.S. law)?What is the name of your state (only U.S. law)?
 



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