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chamel
New Member

SEP IRA - was sole proprieter now s-corp

I run a small business; I'm the only employee. Prior to this year, I filed sched C as a sole proprietor. Now I am filing as an S-corp (switched upon the advice of a tax strategist who I'm no longer working with). I have no idea what to do with my SEP IRA or where to claim those contributions on taxes. Somewhere on my business return? The SEP is in my name (not the business name)--can I still claim contributions? I understand the contribution limit...just not sure what to do with the dollar amounts come tax time, or maybe this needs to be converted to a different type of IRA if that's possible? Any input greatly appreciated.

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