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IRA options for notary?
Posted by Kellosh/CA of CA on 4/2/21 5:47pm Msg #630935
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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Messages in this Thread
 IRA options for notary? - Kellosh/CA on 4/2/21 5:47pm
 We opened a simple IRA this year. - ananotary on 4/2/21 5:53pm
 See msg. 630895 below from ArtFL n/m -  MW/VA on 4/2/21 6:08pm
 Re: IRA options for notary? - Art_FL on 4/4/21 8:25am
 Re: IRA options for notary? - PA_Notary_II on 4/5/21 10:02am
 Only fee in excess of market value is subject to SE tax - Kellosh/CA on 4/5/21 5:49pm
 Have you looked into a solo 401k? 19,500 contributions under - ananotary on 4/5/21 8:08pm

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