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|Subject: Re: Do I qualify for SEP-IRA?||Date: 9/7/2000 12:33 PM|
|Author: TMFExRO||Number: 24642 of 74548|
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.
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