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SEP and SIMPLE in same year?


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Can an individual contribute to a company SIMPLE-IRA while also contributing to a SEP-IRA for a separate line of business? The individual has Schedule F income and other earned income and wants to contribute to a SEP as well as contribute to the SIMPLE-IRA at the individual's main place of employment, where he receives a W-2.

I couldn't find anything quickly that allowed or prohibited. Any help is appreciated.

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  • 1 month later...

Are you saying he is an employee of a company (that maintains a SIMPLE-IRA) that is not controlled or related to the "separate-line" business and is the owner of that trade or business? If so, yes (he can max out on both plans).

Also seems like all of his trades or business (Sch F & Sch C) need to be aggregated (treated as one employer) for the SEP eligibility purposes.

Hope this helps.

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