funding a 401k and SEP-IRA

Submitted by Douglas Bauerband on Thu, 2019-11-14 15:48

Client contributes to his 401k the max of 19k plus 6k catch up.

Wife has business and is on a 1099. If she opens up a SEP-IRA are there limits she can contribute to the SEP since her husband max’s his 401k and their income is over 350k combined. (his 225k and hers 90k plus he gets bonuses)

Thank you
Douglas



Submitted by Alan - IRA critic on Thu, 2019-11-14 16:18

She can contribute the same amount to her SEP IRA regardless of client’s 401k contributions.

Submitted by Philip Shultz on Mon, 2019-11-18 21:15

could SEP covered client open a retirement plan for a related business’s employees (same owners, same employees, different tax id’s)?

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