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Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2308
Experience:  Certified Public Accountant
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I'm self employed and have my wife as a partner in our

Customer Question

I'm self employed and have my wife as a partner in our partnership LLC and would like to know how much can I contribute to a SEP account for me and my wife. My wife has 49 percent and I have 51 percent of the business. Also, are catchup contributions allowed?
JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?
Customer: My wife is also fully employed at another company. Does that matter? She contributes to her 401K.
Submitted: 9 months ago.
Category: Tax
Expert:  Mark Taylor replied 9 months ago.

Hi my name is Mark. I will be happy to help you with your questions. The amount that you are able to contribute to the SEP account would be limited by the earned income of the LLC. You would be able to contribute 20% of the earned income.

Expert:  Mark Taylor replied 9 months ago.

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