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EDUCATION CENTER
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gtran
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stranger
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Reged: 11/07/03
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Posts: 4
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Investors & Retirement Plans for 2003
#118 - 11/11/03 08:05 PM
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Hi Robert,
Can you give me your personal opinion on whether I should start an investor entity this year in order to take advantage of any mini 401(k) contributions?
I have made about 56 trades this year with short-term gains totaling $52,292.64. I have another full-time job & have health insurance at my job and my total 401(k) contributions at my job this year should be about $2,792.28.
Please let me know what you think and if you feel I can make a good size contribution this year, let me know what documents you will need emailed or faxed to you before I call you. Thanks!
Greg Tran
Chicago, IL
PS-Will Bush's proposed Employer Retirement Savings Account have any affect on creating a mini 401(k) this year?
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Re: Investors & Retirement Plans for 2003
#123 - 11/12/03 09:32 AM
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Good question Greg.
If you are married, then you and your wife may have a defacto h/w investment general partnership. We would need more details and facts from you to determine if you meet the factors for using a h/w investment general partnership for 2003.
Assuming you meet the factors, the investment partnership can pay you a guaranteed payment for your services. This payment can be used to fund/contribute to a mini-401(k) for 2003.
For example, using a $20,000 management fee and taking into account the amount that you have already contributed to your 401(k) at work, you would be able to contribute approx. $12,500 to a mini-401(k) for 2003. (Approx $9,000 of employee deferral contribution + $3,500 of profit sharing contribution).
Please consider signing up for a consultation with us to discuss your facts in more detail: http://www.greencompany.com/Traders/TraderConsulting.shtml
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Darren L. Neuschwander, CPA
GreenTraderTax.com
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