Partnership SEP

Submitted by Frieda Friedman on Fri, 2023-06-30 20:02

If I joined a law partnership as a partner and was not eligible for the Partnerships SEP plan, can I open my own plan and contribute until I am eligible?
Year 2022 not eligible. Year 2023 will become eligible. I assume I am only referring to the year 2022.

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Permalink Submitted by Alan - IRA critic on Fri, 2023-06-30 22:16

No. A partner is not eligible to make individual SEP contributions. You would have to wait until you were eligible for SEP contributions made by the partnership.