1) Both husband and wife had full time jobs. Husband maxed out employer's 401K (19K) and 403b (19k). Wife maxed out employer's 401k (19k).
2) Husband and wife joined ran a side business, a LLC in a community property state (California). The LLC had no other employees. Husband and wife didn't take any wages from the LLC.
3) The LLC's treated as disregard entity in term of federal tax return. It was reported on one schedule C. Husband's name was list as name of proprietor on the schedule C.
Question: can husband and wife set up separate SEP IRA accounts to the following limit?
- 25% of compensation, or
- $57,000 for 2020 ($56,000 for 2019 )
