SEP IRA

Question: What is the combined Contribution limit when having both a SEP and SIMPLE IRA?

Suppose I work for an employer offering a SIMPLE IRA and on the side I have a sole prop business. Can I use the self employment income and set up a SEP. If so, how do I figure the Contribution limits?

Thanks
Anyone? Please?

Answer: Hi!

Yes, you can set up a SEP for your sole proprietorship. I have included a link below to IRS Pub 560. The info regarding SEP contributions begins on page 6. If you need more help I can be reached through my profile.

Hope this h