Referecne for SEP IRA rules

Submitted by Anonymous on Wed, 2011-01-19 01:27

Does anyone have an IRS reference for the following:

Owners can impose certain restrictions for employee eligibilty (age, income, etc). If the plan does not exclude anyone, but later imposes tighter restrictions that will now exclude previously eligible participants, they are “grandfathered in”. Is that correct? Is there a reference? I looked at Pub 560 briefly and could not find anything.

Thanks,

pko



Submitted by mk foss on Wed, 2011-01-19 02:25

The Form 5305-SEP gives the rules for SEP coverage and deductibiliry. I’d start there.



Submitted by Anonymous (not verified) on Wed, 2011-01-19 14:16

Thanks, but no luck. It may be found in one of those Q&A books about IRAs, but I don’ t own one.

pko



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