Financial Planner questions to me

[taxea]

Oh gosh, I might've given someone the wrong advice. Client nets under $30,000 on her Sch C. Told her to get her $6,000 Roth in by 15 April. She's on extensions, so we'll prepare her return later and compute her SEP contribution. So, if she had contributed to her SEP, she could NOT have done the Roth?

The Roth is actually a larger contribution, so at least this works out OK for her this year. If I'd been able to file her returns on time, I would've had her contributing to BOTH a Roth and her SEP -- and that would've been wrong?!

A Roth contribution is not deductible.

[ChEAr$]

What I get a sort of perverse kick out of is looking at the 1099B, netting out the gains and losses, adding to the results the dividends and interest, then subtracting the fees and feeding client the result to show his real gain/loss on the account. Then, if I also know the average funds invested throughout the year, I can calculate ROI so he can compare it to the paltry CD rates at local banks.

One client for example was previously well pleased with his broker, but after seeing the 2012 results (when the market did very well you know) reversed his opinion.

[taxxcpa]

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