If I still have a SEP IRA, but have not been self-employed since 2002, may I still contribute to my SEP IRA and deduct the contributions?

I am now employed by a bank and have a 401(k).

posted

Connect with an expert

1 Reply

If I still have a SEP IRA, but have not been self-employed since 2002, may I still contribute to my SEP IRA and deduct the contributions?

Unfortunately, you are not able to contribute to your SEP plan if you do not have self-employment income.

Contributions to a SEP are limited to 25% of compensation (which is schedule C net income for an owner). See https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-seps-contributions for more information.

Still have questions?

Questions are answered within a few hours on average.

Post a Question

*Must create login to post