Single members LLC is member of another LLC – SEP and 401k?
If my single member LLC owns my shares in a larger LLC medical practice with multiple partners, and that medical practice has a 401k, can I also have a SEP IRA to contribute additional “employer” funds? My single member LLC would receive the income from the medical practice and I would take draw from the single member LLC.
Permalink Submitted by William Tuttle on Wed, 2021-06-23 15:42
Already answered on WCI with a link. The IRS considers the practice and any partners receiving income from the practice to be a single employer for retirment plan purposes.