My wife has been operating a small business as a sole-proprietor and has a SEP-IRA. She recently changed her form of business to an LLC of which we are both partners (I do help out with the business).2 Questions:1. Could she continue to use the same SEP-IRA or must she open a new one with the LLC TIN?2. Since we are both partners in the LLC, could we each open our own SIMPLE IRAs instead, contributing $6000 each? This will be much larger than 13.04% of the net business income that could be saved with the SEP.
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