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posted Feb 21, 2023 11:37:48 AM

Self-employed retirement plan

Can my traditional IRA be considered a self-employed retirement plan or does it have to be a 401K?

Thank you 

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1 Replies
Expert Alumni
Feb 21, 2023 11:53:33 AM

No, your Traditional IRA account is not a self-employed retirement plan.

 

The IRS has defined a number of plans for the self-employed. These can be SEP-IRAs, Simple IRAs, 401(k) plans or defined benefit plans.

 

Please read this IRS document for more information.