Guest Sheri Posted March 6, 2002 Posted March 6, 2002 Can a partnership provide a SIMPLE for its employees and have the partners do SEPS? I don't believe it's ok to do this, and I need to know where to look to find such in writing.
Guest Steven Hoksch Posted March 6, 2002 Posted March 6, 2002 SEPs must be set up for any employee over 21 who has worked for the employer in 3 of the last 5 years. Exclusions are allowed for union employees who have negotiated retirement benefits with their collective bargaining and nonresident aliens who have no US source income from the plan sponsor. IRS Publication 560 has more details. Steven
Belgarath Posted March 6, 2002 Posted March 6, 2002 Although it is possible to contribute to a NON-MODEL SEP in conjunction with another qualified plan, you cannot maintain a SIMPLE while maintaining, during any part of the calendar year, another qualified plan to which contributions are made or benefits accrued. A "qualified plan" would include a SEP.
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