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Reviving an old SEP


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I have a Schedule C client who started a SEP in 1996. Contributions were made for a couple of years before the client took a job with W-2 wages. Now, in 2006, the client returned to the Schedule C world and wants to make a contribution to the SEP. Can this be done? Or does the plan terminate if contributions aren't made after a certain number of years? Will a new SEP need to be established?

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I have a Schedule C client who started a SEP in 1996. Contributions were made for a couple of years before the client took a job with W-2 wages. Now, in 2006, the client returned to the Schedule C world and wants to make a contribution to the SEP. Can this be done? Or does the plan terminate if contributions aren't made after a certain number of years? Will a new SEP need to be established?

I would have him sign a new form, but the money could be contributed to the same account.

William C. Presson, ERPA, QPA, QKA
bill.presson@gmail.com
C 205.994.4070
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