1

I have a second job working on W2 as a contractor, am I eligible to invest in a sep-iRA? Both my first and second employer offer 401K's. How does this all effect my options for investing in a sep-iRA?

Thanks

1

If you are a W2 employee, you are not self-employed. You might be able to deposit to a traditional IRA (2021 numbers) -

For single taxpayers covered by a workplace retirement plan, the phase-out range is $66,000 to $76,000. For married couples filing jointly, where the spouse making the IRA contribution is covered by a workplace retirement plan, the phase-out range is $105,000 to $125,000.

If you are above this limit, you can still deposit, but not deduct the deposit. You can then convert to Roth, if you wish.

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Not the answer you're looking for? Browse other questions tagged or ask your own question.