Our business was initially setup by my wife and was run as a single member sole proprietorship for several years. Last year we changed the entity to S-Corp with two members, i.e., myself and my wife. IRS has approved the entity to S-Corp but shows the same one member under my wife’s name.

We have a traditional IRA set up for both myself and my wife and a SEP IRA as a individual since we were running earlier on sole proprietorship.

We want to contribute for 2022 to either IRA or SEP IRA. Since it is a S-Corp from 2022. can we contribute to traditional IRA, can we contribute to SEP IRA as a individual. I don’t have a SEP IRA setup for business. Since it S Corp now can we still use the old IRA account to contribute.

Please clarify.

Thank you.
Keith Kumar