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Any limit on the number of SEP-IRA's a person may have?


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To what extent can an individual have a SEP-IRA and be a participant in a qualified plan, e.g., a profit sharing plan? In other words, does the 415© limit on annual additions apply per individual or per employer? Could an individual have two jobs with unrelated employers and be a participant in two profit sharing plans and receive contributions under the two plans that exceed the 415© limit?

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  • 2 months later...

As long as the employers are not related both plans can exits. The individual can get two contributions. The 415 limit applies on the plan (or if related, plan(s)) level of an employer. Each business uses only its own compensation (or earned income).

Yes, two $30,000 PS plan contributions are possible without exceeding IRC 415 if there is sufficient income from the unrelated employers.

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