No. of Recommendations: 0
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 http://www.irs.ustreas.gov/forms_pubs/pubs.html.

Regards..Pixy
Print the post  

Announcements

The Retire Early Home Page
Discussion on accelerating retirement day.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement