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Partner SEP Contribution


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Someone would like to set up a SEP for their business for 2018 (by 4/15/19.)  It is 2 partners only and one partner wants to max out SEP but other one wants to put in less.  Is there a waiver form or something that can be done to have different contribution amounts since they are both partners and no non owner employees?  Thank you.

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Good thought, but unlikely. The IRS Form 5305 doesn't allow integration with SS. Which doesn't necessarily mean it's not allowed at all (I don't have a cite to the SEP rules to know). 

https://www.irs.gov/pub/irs-pdf/f5305sep.pdf

SSI also doesn't help if the partners have similar comp. They would end up with the same amounts. 

I'm a stranger on the internet. Nothing I write is tax or legal advice. 

I'd like a witty saying here, but I don't have any. When in doubt, what does the plan document say?

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