SEP IRA with no corporation or LLC

[Dfwguy]

Hi, can some one suggest how the IRS realizes our tax status?

I opened simple IRA from Fidelity with no corporation or no LLC. My spouse worked as independent contractor last year and filing taxes now. Can I take benefit from simple IRA. Spouse got rollover IRA though..

Thanks in advance

[Luke Bailey]

A sole proprietor (i.e., Schedule C business) can sponsor a SIMPLE IRA. Have to meet all other rules, of course.

[Bird]

The topic title says SEP and the text says SIMPLE.  What do you have?

As far as how the IRS recognizes this, if you file on a Schedule C, then they know you are an unincorporated business.  You take the deduction on...I think there is a new Schedule 1 for 2018.

[jpod]

22 hours ago, Dfwguy said:

Hi, can some one suggest how the IRS realizes our tax status?

Say that again?

 

22 hours ago, Dfwguy said:

I opened simple IRA from Fidelity with no corporation or no LLC.

Ok, you opened a Simple IRA, and it sounds like you are a self-employed Schedule C filer.  No problem.

 

22 hours ago, Dfwguy said:

My spouse worked as independent contractor last year and filing taxes now. Can I take benefit from simple IRA

Wait a minute:  You said that YOU opened a Simple IRA.  What does your spouse have to do with it?  And, if it is your spouse's Simple IRA how could YOU "take a benefit from that" (whatever that means)?

 

22 hours ago, Dfwguy said:

Spouse got rollover IRA though..

Huh?