• Erin H

    I have an SEP that I contribute to from what I make as a consultant. However, this is not my full time job, so I am limited to a couple hundred dollars a year in contributions. This has made it very difficult to invest it in a way that doesn’t lose money in fees (I don’t have the minimum required for most free investment options).

    Unfortunately, the SEP cannot be rolled over into the SIMPLE IRA I get through the small business I work for. In fact, the SEP seems to have many more roll over restrictions than other types of IRAs, which is very frustrating.

    While I agree that it’s a great option for many people (the SEP is really extremely easy to set up), I would consider carefully whether you actually will be allowed/able to contribute enough to make it worthwhile.

  • http://www.7oil.com Carl D

    We have a SAR/SEP IRA program at my office. The employees can contribute up to the IRA limit. The company owner doesn’t contribute anything except to pay the annual fee.

  • Debraandrews

    I have 4 different small business LLC. with a sep C can I take the $48,000 tax deduction on each account

    • Kira Botkin

      Nope, sorry. The total is for all SEPs combined, and that limit (which is $49k for 2011) also includes contributions you make to other defined contribution plans such as a 401k. Also, if you are self-employed, there is a limit on the amount you can deduct when you contribute on your own behalf to an SEP.

  • Duane Welsh

    Each year I receive a SEP IRA check from my employer and it is endorsed into a investment fund of my choice. This year can I have the check made out to me for my personal use?

    • Kira Botkin

      You’d have to ask your boss, but I would highly doubt it since your boss must contribute the same amount for every person into the SEP.

  • Carl

    Can I contribute to a SEP IRA at age 77?

    • Kira Botkin

      There are no age limits as long as you’re still working and earning money at the company.

  • Hot shot

    I am 68 and My wife is 62. we are buying a home in Utah and are still paying on a home in Nv. If we draw out 10000 from each of a tra ira is the money taxable? if it WAS PUT IN THE IRA AFTER BEING TAXED? Is the only ( ONLY MONEY TAXED IS THE INTREST accrued?.

  • Al B

    I retired in Oct of 2013. Can I continue my SEP-IRA plan or do I need to pick another type plan?

  • TfromO

    My SEP check is made out to Charles Schwab so I can deposit it to my retirement account with them. Would I be able to open up a college IRA for my son and deposit that check into that account so he can use it when he attends college in a few years?

  • KC

    Can I contribute to a traditional IRA and a SEP IRA in one calendar year?

  • Deb

    My boss has told me that he will be giving me a check due to his SEP IRA. Is he Obligated to do this or is it a choice? If I am entitled to it, I need to know as I may be changing jobs very soon. I have a better offer.

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