How do I know if SEP IRA is 5305

[epinaustin]

Hello,

My wife and I own a business with no other employees. We each have a SEP IRA set up and employer contributions for 2017 have been made. I now realize I should have set up solo 401 K accounts.

It looks like I can still set up a solo 401k account and make the $18,000 contribution for 2017 if my SEP is not a 5305. I set up the SEP IRA's at Vanguard and don't remember filling out a 5305 form and they have no record. How would I know if I have a 5305 and if I do is it possible to change that? 

 

Thank you. 

 

[spiritrider]

Vanguard is most definitely a 5305-SEP plan. They even include an IRS Form 5305-SEP in their SEP IRA Kit.

I believe it would technically be permissible to retroactively amend a 5305-SEP IRA plan to a prototype plan effective 1/1/17 and make a trustee -> trustee transfer to the prototype plan.

Most mainstream providers are 5305-SEP plans, the only one with a prototype plan I am aware of in Schwab, although there may be others.

I'm sure there are more knowledgeable members here with more answers