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Level 2

Question

Maximize SEP-IRA contribution

Forum|Forum|4 years ago
April 1, 2022
1 reply
2 views

I checked the "Maximize" box on the SEP IRA. It calculated the IRS limit of $58,000. However, my self-employment income to reach that limit is spread across several different businesses. Can I just open one SEP-IRA and contribute the full $58,000 or do I need to open a separate SEP-IRA for each business? If so, how can I find the breakdown for how much to contribute from each business?

Not A Product Question

Level 15

You can have one SEP-IRA for all your sole proprietorships because they are under common ownership.

See Case of the Week: Multiple SEP Plans

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jackson725450Author

Level 2

@ErnieS0One business is a sole proprietorship and the other is 3 member LLC where I am the only partner with self employment income. Can I still have one SEP-IRA for both?

Level 15

Yes. They are all controlled by you. I'm assuming none of these businesses has any employees.

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