SIMPLE IRA and SEP contribution at the same time
Let’s say a person has a SIMPLE IRA under their name based on SE income and is making maximum contributions. They also have income from own business-corporation. Can they open a SEP IRA and make contributions in the same year they maintain and contribute to the SIMPLE?
Permalink Submitted by Alan - IRA critic on Thu, 2024-02-08 16:52
No. These businesses are under common ownership and the SIMPLE IRA has priority. The corp must be included in the SIMPLE IRA.