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mjf06241972

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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1 hour ago, shERPA said:

No.  SEP contribution must bear a uniform relation to compensation. 

Awww, maybe permitted disparity to the rescue? Unlikely. 

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Yup, PD won't likely do it.  Tell them to compromise on a % of pay they can both live with for 2018, then sell them a 401(k)/PS for 2019.  

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Thanks everyone.  I agree with all.  It was call I got from CPA.  They want more than IRA deduction.  Meeting with them after 4/15.  They definitely need the 401k/PSP flexibility.

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