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5305 SEP and Prior Service

Guest PenProf

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Guest PenProf

A client had operated a business for 5 years as a Sole Prop., and recently changed to a C Corp. effective 1/1/99. The client also wishes to establish a SEP plan for 1999. Question: Can we use the 5 years of Sole Prop. service for purposes of establishing maximum service eligibility (i.e., 3) on a 5305 SEP?

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