Hello, I am in an interesting gray area of my retirement contribution. I am on a 6-month contract with a vendor that does not offer a retirement option. However, I make too much income for a traditional/Roth IRA and as such had set up my own SEP-IRA for myself.
As a w2 contractor with this vendor company, I wanted to know if I was allowed to contribute to my own managed SEP-IRA during this 6 month period; Where I am working through a vendor company rather than through my own independent contracting. The details I have googled are unclear with regards to this, but I would like to contribute to it and not lose out on valuable vesting time for my nestegg.
STOP using the term "W2 Contractor" as there is no such thing just like there is no such thing as a "tiger elephant".
If you get a W-2 then you are an employee and cannot open a SEP IRA at all.
However if you are a contractor that gets a 1099-NEC and you report your income on a Sch C then a SEP IRA is possible.
@Critter-3 That is the thing, I already have an opened and established SEP IRA. I want to know if I can keep contributing to it with the W2 income I receive.