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Our Taxation experts answer questions on SEP IRA such as:

  • I am the employee and own 1 company, I contributed approx $10000 too much into the SEP-IRA acct. I did a mistake and will have to encounter penalties and taxes on both personal and business side of transaction if excess funds not removed correctly. What are the steps I need to take to remove the excess contribution or is it possible that I can roll it into next year?
  • I am the only employee of my company. I pay salary to myself and withhold the payroll taxes. I want to start an SEP-IRA for my S-Corp. Is it possible?
  • Can I as a married individual have both A Sep Ira and a Roth Ira?
  • I'm self-employed. Is my SEP IRA contribution considered business income?
  • Self employed individual contributed $7,000 to SEP IRA in 2011. Did not have any self-employment income in 2011. Since $7,000 is now an excess contribution, which tax form is used to report and calculate penalty. Form 5330 appears to be for employers, which this is not the case, and Form 5329 does not cover a SEP IRA.


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