☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 1
posted Apr 12, 2022 1:54:57 PM

Do I need more than 1 SEP IRA

I have an established SEP-IRA for ongoing work as an independent contractor (physician)

Additionally, I have now started a single member PLLC (healthcare) 

 

Do I need a separate SEP-IRA for each of the above. If so, how do I calculate how much of my total SEP-IRA contributions are attributable to each?

 

Thanks!

1 1 768
1 Replies
Level 15
Apr 12, 2022 2:32:26 PM

Even if these were treated as separate businesses, each business could make SEP contributions to the same SEP-IRA.  However, due to common ownership, these businesses are a controlled group and are considered to be a single employer for the purpose of a retirement plan.  You'll calculate the maximum SEP contribution based on the aggregate net profit of these businesses.