Roth Iras, Simple IRA, now taxable or what else?

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positivereturn
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Roth Iras, Simple IRA, now taxable or what else?

Post by positivereturn »

Hi all, I'm a small business owner that has a company sponsored simple ira plan which I max out each year. My wife and I also max out our Roth iras each year. I have a taxable account available but I wasn't sure if I need to throw money at it or another vehicle.

As a small business owner I'm curious if there is a better tax-advantaged option other than the taxable? Thoughts?

Thanks,
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FiveK
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Re: Roth Iras, Simple IRA, now taxable or what else?

Post by FiveK »

A Solo 401(k) plan has a higher contribution limit than a SIMPLE.
chem6022
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Re: Roth Iras, Simple IRA, now taxable or what else?

Post by chem6022 »

An HSA if available can be used for long-term investing. Series I-bonds are tax-deferred and can serve as inflation-protected bonds or an emergency fund.
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positivereturn
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Re: Roth Iras, Simple IRA, now taxable or what else?

Post by positivereturn »

FiveK wrote: Sun Jun 20, 2021 11:04 pm A Solo 401(k) plan has a higher contribution limit than a SIMPLE.
Thanks, I read up on that but it sounds like if I have employees other than my spouse I can't utilize it, am I reading that right? I have 5 employees.
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celia
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Re: Roth Iras, Simple IRA, now taxable or what else?

Post by celia »

positivereturn wrote: Mon Jun 21, 2021 5:31 am
FiveK wrote: Sun Jun 20, 2021 11:04 pm A Solo 401(k) plan has a higher contribution limit than a SIMPLE.
Thanks, I read up on that but it sounds like if I have employees other than my spouse I can't utilize it, am I reading that right? I have 5 employees.
401k for each of you. But you first need to understand the rules.
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retiredjg
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Re: Roth Iras, Simple IRA, now taxable or what else?

Post by retiredjg »

positivereturn wrote: Mon Jun 21, 2021 5:31 am
FiveK wrote: Sun Jun 20, 2021 11:04 pm A Solo 401(k) plan has a higher contribution limit than a SIMPLE.
Thanks, I read up on that but it sounds like if I have employees other than my spouse I can't utilize it, am I reading that right? I have 5 employees.
If you need to cover your employees too, you could consider a 401k. You might have to shop around for a plan that is low cost enough to compete with your SIMPLE IRA.
Topic Author
positivereturn
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Re: Roth Iras, Simple IRA, now taxable or what else?

Post by positivereturn »

retiredjg wrote: Mon Jun 21, 2021 6:52 am
positivereturn wrote: Mon Jun 21, 2021 5:31 am
FiveK wrote: Sun Jun 20, 2021 11:04 pm A Solo 401(k) plan has a higher contribution limit than a SIMPLE.
Thanks, I read up on that but it sounds like if I have employees other than my spouse I can't utilize it, am I reading that right? I have 5 employees.
If you need to cover your employees too, you could consider a 401k. You might have to shop around for a plan that is low cost enough to compete with your SIMPLE IRA.
Thanks, as simple as the SIMPLE is, I may just stay put and go with ITOT in the brokerage.
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positivereturn
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Re: Roth Iras, Simple IRA, now taxable or what else?

Post by positivereturn »

chem6022 wrote: Mon Jun 21, 2021 12:11 am An HSA if available can be used for long-term investing. Series I-bonds are tax-deferred and can serve as inflation-protected bonds or an emergency fund.
Is there a thread here on the rules?
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FiveK
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Re: Roth Iras, Simple IRA, now taxable or what else?

Post by FiveK »

positivereturn wrote: Wed Jun 23, 2021 8:34 pm
chem6022 wrote: Mon Jun 21, 2021 12:11 am An HSA if available can be used for long-term investing. Series I-bonds are tax-deferred and can serve as inflation-protected bonds or an emergency fund.
Is there a thread here on the rules?
Is Health savings account - Bogleheads what you seek?
Topic Author
positivereturn
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Re: Roth Iras, Simple IRA, now taxable or what else?

Post by positivereturn »

My family and I are enrolled in a health cost sharing provider. I can't determine if this is considered high deductible or if it meets the criteria based on the provided article?
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FiveK
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Re: Roth Iras, Simple IRA, now taxable or what else?

Post by FiveK »

You could ask the provider, who ought to know.

See High deductible health plan - Bogleheads and IRS PUb. 969 for more details.
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