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Find related story of 401k contribution limit 2009
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Assuming the SEP IRA’s tax year is the calendar year, contributions can be made up until April 15th of the following year, when the tax return is due. If you are married and file a separate return, the phase-out starts at an income of zero. Adjusted gross income of $10,000 or more does not allow any contribution. Your income and your tax filing status 401k contribution limit 2009 determine the phase-out. Technically, this is “modified adjusted gross income” (MAGI) which is adjusted gross income with certain adjustments. See your accountant. These benefits and rules of SEP IRAs are based on my understanding and cannot be used as tax advice.