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.
1. You should open it in your personal name.
2. Use your SSN
3. Please read this IRS document for more information.
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.
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.