Maximize SEP-IRA contribution

[jackson725450]

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?

[ErnieS0]

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

[jackson725450]

@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?

[ErnieS0]

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