What if the personal SEP-IRA was never setup with 5305, is it then an "official business" SEP account? And if there was another employee introduced to the S-Corp and wanted to setup a 401k for him, can you contribute to both at that point? And if not, are you able to give 1099 amount to owner of S-Corp so he can contribute that to his personal SEP-IRA, as long as he also doesn't contribute to the business 401k?
