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Greetings, Sam, and welcome. You asked:

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

Yes, you are eligible to contribute to a SEP-IRA based on your net self-employed income. The money may come from anywhere, but the contribution is based on your net earnings from the self-employement. In essence, it may not exceed the lesser of 15% of that amount or $25,500 this year. For details, see IRS Publication 560 (Retirement Plans for Small Business) available at

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