Question

SEP contribution question

Forum|Forum|4 years ago
December 2, 2021
1 reply
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Hello - I have a SEP IRA account that was created by a previous employer 20 years ago. I no longer work for that employer and am self-employed. The account is still open and active. Am I able to make a tax deductible contribution to that old SEP account or do I need to open a new account?

macuser_22

You can't but your business can on a schedule C. Entered in TurboTax "Home & Business" under Business -> Business Income & Expenses -> Less Common Business Situations -> Self-Employed Retirement.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

M

MDGoodinAuthor

Hi macuser_22,

Thanks for your answer! Yes, that would be my plan - to do so as a contribution via my business. My concern is that the account was initially set up by a former employer. As far as I can tell it's completely in my name. I'm not sure if IRS tracks these accounts by who created them or by the type of account and whose name is on the account. I will be checking with the brokerage to find out if there is any other ownership information on the account, besides what I have access to. From what I can see, there's no link to my former employer, but that doesn't mean that her information isn't somehow associated with the account

Thanks again!

macuser_22

Ask the financial institution that holds the SEP.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**