SEP IRA for side gig
Client has is employed and maxes out her 401k. She also has a side LLC where she made $6500 in 2020. Can she do a SEP at the 25% of side income in addition to her 401k?
Client has is employed and maxes out her 401k. She also has a side LLC where she made $6500 in 2020. Can she do a SEP at the 25% of side income in addition to her 401k?
Permalink Submitted by Alan - IRA critic on Thu, 2021-03-18 22:34
A SEP can be established, but the max contribution is (business profit less 1/2 SE tax ) X 20%.