Can I still contribute to SEP wtih W2 instead of corp to corp?

I worked under my LLC and contributed to my SEP IRA. If I work under a W2 can I still contribute to my SEP IRA?

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Nope. There may be a pension provided by the employer, if not - IRA is your only option.
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Paul Thomas, CPA
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Paul Thomas, CPA wrote:

What I'm asking is, if I am still self employed, but getting paid via W2 for taxes, can I still contribute to my SEP IRA if my employer who is contracting out to me is not opening a IRA?
I used to get paid through a 1099 form. That is corp to corp, isn't it? So how is w2 different. It's them taking the taxes out, right?
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You can not base SEP-IRA contributions on income reported on a W-2.
But you can have a SEP-IRA (based on Schedule C profits) even though you are also **EMPLOYED** at another job.
So, wjhat will your Schedule C profits be this year? So, up-to 20% of net SE income (after subtraction for SE tax) not to exceed $42,000 I believe it is.
Now, does your employer (the one that will issue you a W-2) have a pension plan of sorts?

Again, you cna contribute to your SEP-IRA based on net profits on Schedule C (ie: from self employment).

It's you being an employee -v- you being self-employed.
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Paul Thomas, CPA
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