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?



No. These businesses are under common ownership and the SIMPLE IRA has priority. The corp must be included in the SIMPLE IRA.

Add new comment

Log in or register to post comments