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Subject:  Re: SEP-IRA Date:  2/22/2000  12:06 AM
Author:  zorloc Number:  19384 of 78166

Are SEP- IRAs only for those who are incorporated? I am a sole proprietor who plans on incorporating in FY 21. If I can establish an SEP-IRA can I roll 20K from a 403b into it? Thanks


You have the option of setting up a SEP, SIMPLE, or Keogh (Qualified Plan). Here are the advantages/disadvantages of each:

SIMPLE: Best if your NET income is low. You can contribute $6000 as an employee (as long as you make at least that much) and then a match as an employer up to 3% of your income (with your income capped at $160,000) to give you a maximum contribution of $10,800. But if you make that much another plan is better.

KEOGH: A Keogh will allow you to contribute more money than a SIMPLE if you NET more than $27,273. Under a Keogh you can contribute through 2