Message Font: Serif | Sans-Serif
No. of Recommendations: 0
<<I'm thinking of starting a SEP/IRA, but am ignorant of what I have to do to get one started. Is it
simply a matter of filling out an application with my on-line broker? Or do I need some official proof
that I was really self-employed? >>

Well, the big question is your eligibility regarding the SEP/IRA. If you are simply selfed employed, and have no other employees, it should be a simple procedure. Your broker will probably not give you any problem whasover...since the liability for screwing up doesn't lie with the broker, but with YOU. If you open a SEP, and are not qualified to do so, it's YOUR problem with the IRS...and not the brokers problem. So I doubt that the broker will be a factor.

You might want to check out IRS Publications 560 and 590 regarding self employed pension plans. You might also want to check out IRS Form 5305-SEP and instructions to review your eligilibility.

You can view/download these pubs and forms via the IRS web site at:

TMF Taxes
Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
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.
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.