# Anyone Opened a SIMPLE IRA as an Uber/Lyft driver?



## dctcmn (Sep 21, 2017)

I have a SEP IRA that I could contribute $5,500 into to reduce my tax burden, but I'd rather take the tax advantages of putting up to $12,500 that the SIMPLE IRA offers. 

Has anyone opened a SIMPLE IRA as an Uber/Lyft driver and how did it go? I'm assuming you list yourself and your home address under the "Employer Info" section of the application form. Is this correct? 

Any other guidance? Pitfalls I should watch out for? 

Thanks


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## Skinny1 (Sep 24, 2015)

I opted for the solo 401k ....I think same concept but higher amounts can be put away. It worked great last year shielded quite a bit of money.

All personal info was listed, I did have to apply for an EIN number.


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## FLKeys (Dec 27, 2018)

dctcmn said:


> I have a SEP IRA that I could contribute $5,500 into to reduce my tax burden, but I'd rather take the tax advantages of putting up to $12,500 that the SIMPLE IRA offers.
> 
> Has anyone opened a SIMPLE IRA as an Uber/Lyft driver and how did it go? I'm assuming you list yourself and your home address under the "Employer Info" section of the application form. Is this correct?
> 
> ...


I'm looking into doing a SEP IRA starting in 2019. Did you start one? Any issues with it if you did?

Anyone else have any experience?


If you're self-employed, your contributions are generally limited to 20% of your net income. (Net compensation for self-employed individuals is generally the net profit from IRS Schedule C reduced by the deductible self-employment tax. The eligible compensation limit, indexed for inflation by the IRS, is $275,000 for 2018 and $280,000 for 2019.)
Contributions are deductible and aren't required every year.
Contributions must be the same for employers and employees


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