Hi,
Got some income that we were told should be declared as self-emploment income and to open a SEP_IRA, now turns out that it could be considered royalties instead - and be treated as LTCG, which is less of a tax bill, but now I have the SEP_IRA in place - what to do? Will I incur a penalty on the SEP-IRA? HOw or can I even shut the SEP_IRA right away?
Thanks for any advice