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New Member
posted May 31, 2019 10:21:35 PM

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).

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1 Replies
New Member
May 31, 2019 10:21:39 PM

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.