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That actually makes a lot of sense. I don't see myself withdrawing the entire amount of my IRA and 401K at once when I reach retirement age. I will only withdrawl small portions to spend on a yearly basis. I know when you reach retirement, there is a specific logical order that you are supposed to w...

Ok, I got it now.

Now in theory, if I was able to maximize my contributions to my Employer's 401K and my Individual 401K from my personal business (combined total of $68,500), would this entire amount be tax deductible?

Okay, so for 2013, I can contribute $17,500 to my employer's 401K plan. And for my individual 401K, I can contribute up to 51K (combined total of employer and employee contributions). I assume that's $25,500 for employer contribution and $25,500 for employee contribution. Is that correct? Now anothe...

I looked at an old thread and apparently what you are calling a "personal 401k" is a "solo" or "individual" 401k. So it is not an IRA as I suspected. But....if you are a physician, you probably DO NOT want to be using Roth 401k at either of your jobs. The better choice...

@Bolder Boy.....LOL.....yes, that's exactly what I meant: employee contribution via salary deferral and employer contribution through profit sharing.

That's good to know that I can contribute to 2 different 401k accounts as long as I don't go over the total annual limit.

Thanks,
Rich

Hello everyone. I have a part time job that allows me to contribute to an employer matching Roth 401K with Fidelity. I also have a personal Roth 401K through Vanguard. My Employer's 401K allows me to contribute a maximum of $17,500 per year. My personal Roth 401K also allows me to contribute a maxim...

Vanguard's Individual 401(k) allows for 3 types of contributions: 1) Employer profit share which is 20-25% depending on how your business is organized. Must be Traditional. 2) Employee Salary Deferral Traditional 3) Employee Salary Deferral Roth The employee Salary is limited to 17K (22.5K with catc...

I just recently setup an Individual/Roth 401k through Vanguard. I am a physician and I have both self-employment/1099 work and regular employment work. For the record, my employer does not provide any type of IRA plan whatsoever. So here are my questions: 1) In order for me to continue to contribute...

I am a 31 year old physician and I file my taxes jointly with my wife. My current income for 2012 is still eligible for Roth IRA contributions. I will begin full time work for this doctor in a few months and there is a high chance that my 2012 income on December 31, 2012 will be above the income lim...

Thanks to everyone for their posted advice.

Why a SEP-IRA instead of a solo 401k? I'm an independent contractor and was faced with the choice between the two several years ago. I heard all the noise about the 401k being much more difficult to setup, maintain, etc. But, if you look at the paperwork on Vanguards site it's identical between the...

You most certainly should take the business deductions. You will be way ahead. Having said that, unless yours is a capital intensive business, your expenses are about 1/2 of the gross. This is literally an automatic audit especially if you have a home office deduction and use of a car for business ...

I am currently trying to wrap up my 2011 taxes. I am opening up a SEP-IRA account and I'm about to make a contribution so I can make a tax deduction. I know that the contribution is based off of 25% of your NET business income. So here is the question: Would I realize a higher overall tax deduction ...

Thank you very much for your answers everybody. Have a good day.

http://thefinancebuff.com/the-backdoor-roth-ira-a-complete-how-to.html I read that article a few times through and I kind of understand it. Some details I want to clarify though. Are you able to move some money from a individual 401k into a Backdoor Roth IRA without paying the pro-rata? I guess the...

I've been doing a little bit of research about the backdoor/stealth Roth IRA. It sounds relatively easy to do, but there are some details that I don't fully understand. I am a 31 year old physician and recently just graduated from residency. My salary still qualifies for Roth IRA contributions, but ...

Thanks to both of you guys for your answer.

Hello everyone. I have a question. I know that you are allowed to have a traditional IRA and a Roth IRA at the same time. But are you allowed to contribute the maximum $5000 to both accounts at the same time in a given year? I was playing around with Turbo Tax by putting in pretend values. It Red fl...

1) I looked at the benefits of a SEP-IRA vs a Individual 401k....and I'm pretty confused. I tried reading some of the official IRS publications and its got A LOT of information - sort of a Gray area for me since I have little experience with it. 2) I know that within 1-2 years, I will no longer qual...

1.) Once again, thanks to all for the posted advice 2.) My wife is currently a stay at home mom looking after our 18 month old daughter. She may return to work one day when my daughter is in kindergarten or so. She has stock which is invested over in Korea where she is originally from. I don't have ...

Thank you hoppy and livesoft and for your advice. 1.) As a resident, you are employed by the hospital on average of 3 to 6 years depending on how long your training is. Primary care training is typically 3 years where surgical is anywhere from 4 to 10 years (ouch!!!) They did offer a 401k, but we al...

Hello everyone. I am a 31 years old male physician. I am married with a 18 month old daughter. I currently have a Roth IRA portfolio that is valued around $24,500 currently. Because of my profession, I will probably not qualify to contribute to my Roth IRA anymore for next year (I graduated from res...