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Should I include unemployment as income when determining my SEP IRA contribution limit? I collected unemployment in 2020 and later started freelancing consulting.

 
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PattiF
Expert Alumni

Should I include unemployment as income when determining my SEP IRA contribution limit? I collected unemployment in 2020 and later started freelancing consulting.

No, unemployment cannot be included as income when determining your SEP IRA contribution.

 

Here is a short article from the IRS about earned and unearned income.

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