I have a single-member LLC (sole proprietor) for which I have a SEP IRA. I also am a part owner in a different business (corporation) where I take profits. Last year my net income from the LLC was $1000, and the then netted $129k from the other business. My question is whether my SEP contribution limits apply to my total net, or just the 1000 I made specifically from the single-member LLC.
Thanks!
