45615
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Attend our Ask the Experts event about Tax Law Changes - One Big Beautiful Bill on Aug 6! >> RSVP NOW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

matrophy
New Member

Do the IRA-SEP contributions for husband and wife have to be equal amounts

Self-employed husband and wife running our business together with no employees. We have only had an IRA-SEP in my name and my wife wants to have her own IRA-SEP. We have been splitting our Schedule Cs so we both vest in Social Security. She will open an IRA-SEP for 2016 in her name and I'm wondering if the contributions to her account have to be equal to mine or if they can  be different amounts.
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

6 Replies

Do the IRA-SEP contributions for husband and wife have to be equal amounts

They can be different amounts, as long as neither is more than the amount allowed - essentially 18.6% of net Schedule C profit from self-employment (assuming less then $53,000).  If the Schedule C's are identical, the maximum each of you can contribute is the same, but you don't have to contribute the same amount.

Do the IRA-SEP contributions for husband and wife have to be equal amounts

Sounds like they are filing a single Sch C with both names on it.
♪♫•*¨*•.¸¸♥Lisa♥ ¸¸.•*¨*•♫♪

Do the IRA-SEP contributions for husband and wife have to be equal amounts

"We have been splitting our Schedule Cs so we both vest in Social Security."

Do the IRA-SEP contributions for husband and wife have to be equal amounts

See OP's prior posts. Not clear if they have an LLC, or if they live in a Commuity Property State.

Do the IRA-SEP contributions for husband and wife have to be equal amounts

I don't think so.  He said splitting sch C so they both get SS credit.  Which would be from separate schedule Cs

Do the IRA-SEP contributions for husband and wife have to be equal amounts

Oh, ok.  I interpreted it as "sharing" a Sch C so they both get SS credit.  But it does say "splitting" so I guess that would mean 2 separate Sch C's.
♪♫•*¨*•.¸¸♥Lisa♥ ¸¸.•*¨*•♫♪

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question