Another check from a freelance assignment came in the mail today, so that's another $225 toward the IRA goal. I'm now up to $2,199 out of the $5,000 I want to contribute for 2008.

Here's the rub. I was reading the IRS guidelines on IRA contributions (yes, I'm a geek) and it appears that I have to subtract half of my self-employment tax from the amount I am allowed to contribute. .

If I have a good year, this won't be an issue, as I will have enough freelance income to max out the IRA and then some. But if I make less than $5,000 this year, I won't know exactly how much I can put into the IRA, due to the SEP calculation.

What to do.

I guess these are the challenges facing the self-employed.

At the moment, I've just been putting the entire freelance check into a reserve bound for the IRA account. I guess I can wait and see how much I have in it at the end of the year and do a quickie calculation.

Any other ideas?