SEP IRA with non Self-Employed Income

Discussion in 'Professional Trading' started by clearinghouse, Aug 23, 2011.

  1. If you have income from both a regular day job with W2 (half a year) and another half a year of purely self-employed income from multiple businesses (some 1099s, some trading income), can you still use the SEP IRA? Is the amount you are allowed to deposit restricted by the amount of income you produced from strictly self-employment, or can I count income from the entire year including non-self employment if I did not make any contributions with money from the regular day job?

    I switched from being a regular trader getting paid a salary to a firm member, and my tax situation shifted in the middle of the year. I probably should find a decent tax guy, but maybe someone on the forum knows.
  2. Yep, it seems like it's all based on how you fill out certain parts of your tax return, specific boxes. That solves it.