*The Commerce Journal>>>United States Taxes

Am employee of my own small corporation?

As far as IRA account am I self employee or employee ?
Which bring the Question,
Am I limited to the $4000 or can I contribute more ?

wow your lemon aid stand is sure taking off ..good luck

An IRA (unless a simple IRA) is funded by you the individual seperate from you the employee of your corporation. It would be wise to set up a company cponsered retirement plan + a personal (roth or traditional) ira

If you mean "company" then yes you are self-employed.
(If you are a "corporation" than you probably an employee)

Self employed do SEP instead of IRA
Corporate do 401k

Limits vary.

Of course, if you can afford to save more for retirement...Do It.
(The limits apply to taxes only)

If you are an officer of a small corporation, IRS requires you to pay yourself a reasonable salary. That would make you an employee.

$4000 to a traditional or roth (I assume this is for the 2007 tax year and that you are not old enough to make "catch up" contributions).

If you set up a SIMPLE or SEP plan, then you can contribute more to the account that exists through that plan, but if you set up a SIMPLE plan, you have to let your other employees also participate in the plan and have to contribute to their accounts as well as yours.

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