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SEP-IRA Contribution

I own a partnership LLC. Two owners, no employees. We want to contribute to a SEP-IRA, but are unsure of the rules of "who" is supposed to contribute. Does this contribution come from the business account or our personal accounts? Or is this synonymous since we're the owners? 

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1 Reply
RobertB4444
Expert Alumni

SEP-IRA Contribution

SEP IRA contribution can come from any account that you want.  But it is a tax deduction on your personal return, not on the business return because it is a personal contribution from the business owner.

 

@Naughty Cat Cafe 

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