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Here is another way to look at it that might eliminate the confusion about your status vis-a-vis your S-Corp. You are not self-employed. Instead, you wear two hats: one as an officer/shareholder of the corporation, who has no tax standing (at least not w.r.t. the current discussion), and the second as an employee of the corporation. As an employee, you are entitled to contribute to the same SEP-IRA that any other non-owner employees would be. Your salary from the S-corp is not self-employment income, as you have taxes withheld, and receive a W2 at the end of the year. The downside (depending on where you live) is that you may end up having to pay federal and state unemployment taxes, as well as having a workers compensation policy (I did). On top of that, your tax return is *MUCH* more complicated (not just your personal return, but the required corporate return).
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