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Sep Ira

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    Sep Ira

    I have a client that had a individual SEP before turning their business into a S-Corporation. They are now wanting to contribute to the SEP for TY 2010 but this will need to be done under the S-Corp.

    Do they need to setup a new SEP for the S-Corp and then rollover the amount in the individual SEP to the new one?

    Thanks
    Dany

    #2
    [QUOTE=geekgirldany;107364]I have a client that had a individual SEP before turning their business into a S-Corporation. They are now wanting to contribute to the SEP for TY 2010 but this will need to be done under the S-Corp.

    Do they need to setup a new SEP for the S-Corp and then rollover the amount in the individual SEP to the new one?

    Yes, because there is now a new and different employer.
    ChEAr$,
    Harlan Lunsford, EA n LA

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      #3
      Thanks I wanted to make sure before I told them.

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