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URL:  http://boards.fool.com/my-wife-and-i-both-moonlight-as-contractors-for-13261118.aspx

Subject:  Re: Do I qualify for SEP-IRA? Date:  9/7/2000  12:33 PM
Author:  TMFExRO Number:  24642 of 75335

My wife and I both 'moonlight' as contractors for a web design outfit. Does this mean that we qualify for the SEP-IRA?

Assuming you're self-employed, yes.

Are we only allowed to contribute out of the proceeds from our self-employed income, or can we contribute from our main job's income as well?

Your maximum SEP contributions are based solely on your net incomes from self-employment. You can't consider the other wages. Details are in IRS Publication 560.

TMF ExRO
Phil Marti

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