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income from deposition & SEP IRA

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  • income from deposition & SEP IRA

    I am a family physician & employed physician. I'm doing a deposition and the fee is being paid directly to me.

    Do I need to do a schedule C or will that company be sending me a 1099?

    If I WANT to do a schedule C or a SEP IRA, could I do that based on this income?  I did a SEP years ago, so I don't remember how much of income I could contribute.

     

    In a somewhat related area, my wife has traditional IRA money I'd like to roll over to a individual 401K for her to allow for backdoor roth.  Is it truly as easy as get an EIN and earn a few bucks (sub-100 even?), and start the 401k?  I would presume a schedule C is also needed in this case.
    Thanks!

     

  • #2




    I am a family physician & employed physician. I’m doing a deposition and the fee is being paid directly to me. Do I need to do a schedule C or will that company be sending me a 1099? If I WANT to do a schedule C or a SEP IRA, could I do that based on this income?  I did a SEP years ago, so I don’t remember how much of income I could contribute.

    In a somewhat related area, my wife has traditional IRA money I’d like to roll over to a individual 401K for her to allow for backdoor roth.  Is it truly as easy as get an EIN and earn a few bucks (sub-100 even?), and start the 401k?  I would presume a schedule C is also needed in this case.
    Thanks!

     
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    1. You'll have to ask the firm you will contract with if you are receiving a 1099. Whether or not they do, you will report your earnings on a schedule C.

    2. Yes, you could contribute to a SEP based upon above income, but a SOLO-k would be a better choice if you want to avail yourself of the backdoor Roth IRA maneuver.

    3. As for your wife, it depends on the facts and circumstances. If she has self-employment income then, yes, she can open a SOLO-k and roll the TIRA into it based upon her net earnings. You would need to file a schedule C. You don't necessarily have to have an EIN to open a SOLO-k, but I'd rather use that than my SSN.

    Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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