Self Employment Question

Discussion in 'Taxes and Accounting' started by Cotton, Mar 4, 2014.

  1. Cotton

    Cotton

    I have a question about retirement taxes and self employment...

    I worked at a firm last year and instead of getting a K-1, I got a 1099 this year, which effectively means I am self employed. Got to pay self employment taxes now.

    The question I have revolves around retirement accounts, tho. Being that I am 1099'd and would be paying self employment taxes, am I eligible to make IRA contributions and in particular open a SEP IRA and make the maximum contribution? Does anyone have experience with this?

    Thanks