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You are replying to this message: | | Posted by Kellosh/CA on 4/2/21 5:47pm
From 2000 to 2018 I was a W2 employee with access to a 403b (the non-profit version of a 401k). When I went full-time self-employed in 2019, I opened a SEP IRA and started making contributions. The problem I've run into this year and last year is that because the majority of my Notary income isn't subject to SE tax, my self-employment income is too small to qualify my contributions. After this happening for the second year in a row, my accountant is trying to research to see how a notary would save for retirement with the best tax advantages, since it seems the SEP IRA isn't working for me. (Income between my husband and I is too high for a Roth). Anyone have any experience or suggestions on this. Note: I will take all comments as anecdotal comments and not as professional tax planning advice. |
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