General Question

JLeslie's avatar

Accountants and small business owners can you give me some info on a SEP IRA?

Asked by JLeslie (56636points) 1 week ago from iPhone

Is there any negative to having a SEP? Can any small business use this vehicle? I was told that I’d have to offer it to employees also, what does that mean? Do I have to pay into it for them?

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4 Answers

Tropical_Willie's avatar

Here’s the Nerd Wallet take on SEP IRA. Yes you have to contribute with certain rules.

JLeslie's avatar

@Tropical_Willie That link was much better than others I have read. The part about combining Traditiinal IRA and SEP, do you think that means that a person can contribute the whole amount allowed for their traditional PLUS the whole amount allowed for the SEP?

Tropical_Willie's avatar

I’m not a CPA, check with tax specialist at SCORE most things with them are free.

JLeslie's avatar

I actually used to have a contact at SCORE years ago. Good idea.

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