I will be starting a new career in the next couple months and making around 200,000 a year. I currently have a roth IRA. It is my understanding I will be making too much money to contribute to my roth IRA which would mean I need to contribute to a traditional IRA. I am looking to create an LLC mainly for liability reasons but I have been reading more about it being able to be used for contributions to a SEP ira or solo 401(k).
I have a lot of questions and don’t really know where to start so i’ll just list them out:
1. Can I have my employer pay my LLC (and then I pay myself through the LLC)?
2. If I can do this, can I have a SEP ira or solo 401(k) to increase my yearly contributions while also contributing to a traditional or roth ira or company 401(k)?
3. Do you have/know any information on a backdoor roth and if so would I be eligible to use this. My understanding is that you start a traditional IRA and then roll it over/convert it to a roth.
I apologize in advance and will totally understand if anyone responds with “get an accountant or tax guy”. Thanks for reading.
1. Not as an employee.
2. if you were actually self employed, but nothing indicates you are
3. yes that’s basically All it is. Dozens of guides on the web.
> I am looking to create an LLC mainly for liability reasons b
What liability? You don’t appear to own a business
>Can I have my employer pay my LLC (and then I pay myself through the LLC)?
No, don’t do this.
>If I can do this, can I have a SEP ira or solo 401(k) to increase my yearly contributions while also contributing to a traditional or roth ira or company 401(k)?
Also no.
>I currently have a roth IRA. It is my understanding I will be making too much money to contribute to my roth IRA which would mean I need to contribute to a traditional IRA.
You make too much to contribute to a traditional IRA and deduct the contributions from your taxes. It’s simple — just do a backdoor Roth IRA: create a traditional IRA, contribute the max to it, then immediately convert the funds into your Roth IRA. It’s not super hard.
https://www.investopedia.com/how-to-set-up-a-backdoor-roth-ira-4584775
And if you want to have more tax-advantaged space to invest, ask your company not to commit fraud (which is what your plan is) but if you have access to an after-tax 401k — which would set you up for a [mega backdoor Roth](https://www.nerdwallet.com/article/investing/mega-backdoor-roths-work).
This seems like a lot of work to put $6500 into a Roth IRA. Just do a backdoor if you’re so concerned. A few Google searches should answer most of your questions.
Indirect mechanism of oestradiol stimulation of cell proliferation of human breast cancer cell lines best price cialis 20mg So getting stressed gives your bad bacteria a boost
canadian pharmacy cialis It provides information on segmental renal function, allowing comparison of the upper pole moiety to the lower pole moiety see the image below
benefits of viagra Good site you have got here
Let s look at how cavities on your little one s teeth can be prevented from developing in the first place cialis 5 mg