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!

posted

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.