| 26-years-old with TSP, Roth, and SEP-IRA. Need Advice. |
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Renegade313
First Time Poster
Cash: $ 0.25
Posts: 1
Joined: 28 Dec 2010
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| 26-years-old with TSP, Roth, and SEP-IRA. Need Advice. |
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Hello Everyone,
I am 26-years of age and could use your advice. Here is my situation:
- I have a TSP and I will be contributing maximum every year.
- I have a SEP-IRA for my LLC business. I have not contributed anything yet ($0 balance).
- I have a Roth IRA. I contributed $500 this year, but later realized that my income will exceed the income limits to use the Roth IRA this year.
What is your suggestion here? Here is one idea.
- I was thinking to add $20,000 to the SEP-IRA so that it would reduce my business income by $20,000, which would then allow me to max out the Roth IRA for this year. Is that allowed and possible?
- After doing so, would I have any use for the SEP-IRA the following year, or should I transfer and combine it with the TSP? Someone told me I should combine it with the TSP then open an Individual 401k instead. Does this make any sense?
Thank you in advance.
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Tue Dec 28, 2010 2:55 am |
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