SEP IRA Account for S Corp Owner

Submitted by MARK E REICH on Fri, 2014-03-07 16:24

Client has existing SEP IRA account from her self employment days. She became an S corp in 2013 and wants the corp to establish a SEP in 2013. Can the corporation contribute the 2013 SEP contribution to her existing SEP account (established before she incorporated) or must she open up a separate SEP IRA account to receive corporate SEP contributions?

Thanks everyone!

Mark



Submitted by Alan - IRA critic on Fri, 2014-03-07 17:07

If the custodian will allow it, there is no problem with the IRS in using the existing account.

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