SEP

QuestionBox · ‎March 7, 2020

I am self employed. I file an 1120S for my business. May I contribute to my SEP from my personal funds and report on my personal 1040?

KarenM90 · ‎March 7, 2020

It depends. If your SEP was set up as a plan under your incorporated business, contributions will need to be made under the business.

If you have a self-employed business that has a SEP, then you can contribute and report it on your 1040.

If you are not sure, check with the plan administrator.

Here is an IRS link that explains more about SEP's SEP Plans

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