Self-Employment and IRA's

fredmurtz2
Tue, 14 Dec 2004 11:09:24 +0000

Hello:

I hope everyone is surviving the arbitrary nature of admissions just remember that Spielberg was rejected from his #1 back in the day. And conversely, if the news is to your liking, celebrating! As Early Decisions and Early Actions come back it is also almost the end of the tax year.

So, I mean the issue is that a self-employed parent has stock held in such a way that it counts against us for financial aid purposes and it really represents their retirement savings as they have no fallback pension. I know that the aid formula covers a loss allocation yet, it really presumes a large yearly income. Anywho, I was wondering if the government had anything approximating a 401(k) or the Roth IRA for self-employed adults and if so, what are the parameters for establishing one and all the usual mumbo jumbo of contribution limits and establishment dates et al. Neither of my parents have any sort of retirement plan established which is something I’m trying to chide them on. Anyway, any wisdom, information or the like would be appreciated.

Thanks (As Always) For Your Help
Fred