Jump to content

SEP and SIMPLE in same year?

Recommended Posts

Can an individual contribute to a company SIMPLE-IRA while also contributing to a SEP-IRA for a separate line of business? The individual has Schedule F income and other earned income and wants to contribute to a SEP as well as contribute to the SIMPLE-IRA at the individual's main place of employment, where he receives a W-2.

I couldn't find anything quickly that allowed or prohibited. Any help is appreciated.

Link to comment
Share on other sites

  • 1 month later...

Are you saying he is an employee of a company (that maintains a SIMPLE-IRA) that is not controlled or related to the "separate-line" business and is the owner of that trade or business? If so, yes (he can max out on both plans).

Also seems like all of his trades or business (Sch F & Sch C) need to be aggregated (treated as one employer) for the SEP eligibility purposes.

Hope this helps.

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Create New...