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SEP vs SIMPLE
I understand being self-employed you can only contribute to either a SEP or SIMPLE plan but can you have both?
I have a SIMPLE plan and wish to keep it but not contribute to it any more. I wish to open a SEP plan and contribute to it since the contribution amount is based on profits, a higher amount for me right now.
Is this allowed by the IRS?
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‎July 1, 2024
2:20 PM