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Strategies & Market Trends : IRS, Tax related strategies--Traders -- Ignore unavailable to you. Want to Upgrade?

To: mod who wrote (186)	2/27/1998 5:18:00 PM
From: Colin Cody	Read Replies (2) \| Respond to of 1383

Dennis, Only problem is with 4 Sch Cs Husband +150,000 Husband -335,000 Wife +150,000 Wife -335,000 The NET still is Husband -185,000 Wife -185,000 So for a SEP-IRA computation neither spouse would qualify. . I agree that with one trader in the family that ONE spouse could get a qualifying contribution, but not both spouses. Putting it in BOTH names would risk the overfunding penalty which runs about 10% of the amount of overpayment per year. Take a look at your old returns to see what was done. If as the above, you might want to discuss with your CPA and document his exact explanation as to why he feels it qualified. . If he has a court case or other cite, maybe you'll post it here??? !!! . Colin