SEP IRA Contributions for a Spouse

[LaughTrack]

I had self-employment income this year so I can contribute to a SEP-IRA.   Do I need to contribute to it in my name or can I contribute it to a SEP-IRA for my spouse who had no self-employment income.  I know I can contribute to both my spouse and my traditional IRA's given I had sufficient earnings, but can I contribute to a SEP-IRA for my spouse based on my earnings (and not contribute to one for me?)

[AmyC · Accepted solution]

It depends. The SEP IRA is for self employed and their employees. 

• If your spouse is not part of the business, they aren't part of the SEP IRA.
• If you spouse is an employee, they are part of the plan.

Reference: Retirement plans for self-employed people

[LaughTrack]

Thanks much!