Limitations on SEP when covered by plan at work?
Hello
Are there limitations on the deduction limits with a SEP IRA if a person is also covered by a retirement plan at work? Are there any IRS publications that address this?
Thanks
Hello
Are there limitations on the deduction limits with a SEP IRA if a person is also covered by a retirement plan at work? Are there any IRS publications that address this?
Thanks
Permalink Submitted by Alan - IRA critic on Mon, 2013-08-05 17:49
Two totally different employers?
Permalink Submitted by Jack Thomas on Mon, 2013-08-05 18:12
Yes, one source of income is self-employed, the other is through work (different employer).
Permalink Submitted by Alan - IRA critic on Tue, 2013-08-06 01:07
OK, the contributions to the employee retirement plan will not affect the amount he can contribute to the SEP IRA. The SEP contribution is based on the net earnings from self employment only. Pub 560 contains instructions for SEP IRA contributions.