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SEP IRA with no corporation or LLC


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Hi, can some one suggest how the IRS realizes our tax status?

I opened simple IRA from Fidelity with no corporation or no LLC. My spouse worked as independent contractor last year and filing taxes now. Can I take benefit from simple IRA. Spouse got rollover IRA though..

Thanks in advance

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  • david rigby changed the title to SEP IRA with no corporation or LLC

The topic title says SEP and the text says SIMPLE.  What do you have?

As far as how the IRS recognizes this, if you file on a Schedule C, then they know you are an unincorporated business.  You take the deduction on...I think there is a new Schedule 1 for 2018.

Ed Snyder

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22 hours ago, Dfwguy said:

Hi, can some one suggest how the IRS realizes our tax status?

Say that again?

 

22 hours ago, Dfwguy said:

I opened simple IRA from Fidelity with no corporation or no LLC.

Ok, you opened a Simple IRA, and it sounds like you are a self-employed Schedule C filer.  No problem.

 

22 hours ago, Dfwguy said:

My spouse worked as independent contractor last year and filing taxes now. Can I take benefit from simple IRA

Wait a minute:  You said that YOU opened a Simple IRA.  What does your spouse have to do with it?  And, if it is your spouse's Simple IRA how could YOU "take a benefit from that" (whatever that means)?

 

22 hours ago, Dfwguy said:

Spouse got rollover IRA though..

Huh? 

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