I have has ~5k in 1099 income for 2015. I also have a W2 for the year. When it comes to retirement accounts, I have IRAs (rollover 401k), an active 401k, a roth 401k and a roth IRA. I didn't make any LLC or anything else for the 1099 income. Just worked as a contractor. When I was looking to see if we can reduce our taxable income for 2015, I came across SEP IRA. So, hereunder are my questions:
Thanks for your time.
If you are contributing to a 401k, you can also contribute to a sep-ira for self-employment income but only up to 20% of your self-employment income. Are you maxing out on your 401k-if not, probably easier to just contribute to that for now.