Sep At Multiple Brikerage Accounts

[Guest ban1957]

A SCHEDULE C FILER WITH NO EMPLOYEES OPENS UP A SEP ACCOUNT WITH THREE DIFFERENT BROKERAGE ACCOUNTS. THEY WRITE THREE DIFFERENT CHECKS TO THREE DIFFERENT BROKERAGE ACCOUNTS FOR $1,000.00 EACH.

QUESTION: DOES THIS PERSON HAVE THREE SEP PLANS FOR ONE BUSINESS. I WAS TOLD THAT THEY DO AND THAT I WOULD HAVE TO CALL THE VOLUNTARY COMPLIANCE OFFICE IN WASHINGTON

D.C. TO GET THIS FIXED. IS THIS CORRECT? CAN A SELF-EMPLOYED INDIVIDUAL HAVE ACCOUNTS AT MERRILL LYNCH, PRUDENTIAL, AND CHARLES SCHWAB, AND HAVE IT STILL BE CONSIDERED ONE SEP PLAN. ALL THE ACCOUNTS ARE UNDER THE ONE BUSINESS NAME. IF THIS PERSON IS CORRECT IS THERE A SIMPLE WAY OF CORRECT THIS?

THANKS FOR OUR INSIGHT

[Appleby]

The individual may establish as many SEP IRA as he/she wants to, as long as the total contribution to all does not exceed the annual addition limit. Most custodians will accept a copy of the SEP document used to establish the first SEP IRA to establish other IRAs under the SEP.

If common-law employees were covered under the plan, and the employer placed restrictions on where they could hold their SEP IRAs, while he/she had no restrictions on his/her SEP IRA, then you would have a discrimination issue and the participants could file complaints