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Opening SEP-IRA as a Single Member LLC
Just a few questions about opening a SEP-IRA as a single member LLC
1) Do I open it in my LLC name or my own name?
2) Do I use my EIN or my SSN?
3) Which compensation category do i choose?
w-2 wages (note, I do not receive a w-2 as my LLC is pass-through)
Sect 3401(a) wages
415 Safe-Harbor compensation
Thanks for your help.


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Opening SEP-IRA as a Single Member LLC
1. You should open it in your personal name.
2. Use your SSN
3. Please read this IRS document for more information.
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Opening SEP-IRA as a Single Member LLC
Thanks for the response!
From the link you provided I'm still unsure of which category I fall into as all of my income goes on Schedule-C and I do not receive any W-2 forms.
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Opening SEP-IRA as a Single Member LLC
For a self-employed individual, contributions are limited to 25% of your net earnings from self-employment (not including contributions for yourself), up to $57,000 (for 2020; $56,000 for 2019). You can calculate your plan contributions using the tables and worksheets in Pub. 560.
Your income is your net earnings from self-employment as shown on Schedule C.
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Opening SEP-IRA as a Single Member LLC
Thank you very much for your help.
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