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Level 2

Question

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

Forum|Forum|7 years ago
June 1, 2019
1 reply
0 views

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.

TurboTax Self Employed Online

Level 8

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.

Alumni - Champ

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