I have a client who is looking at a sizable 2013 tax bill as a result of exercising non-qualified stock options. He worked for the first few months of 2013 and made maximum contributions to his 401 k plan. Can this individual use the proceeds from the exercise of the non qualified stock options in the calculation for making a contribution into a SEP IRA since he was no longer employed by the company. He received a 1099 miscellaneous for the proceeds of the exercise.