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Old 04-15-2016, 03:47 PM
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Qualified Joint Venture and SEP-IRAs

Greetings. My wife and I own our own business and are filing as a qualified joint venture. My question is is a SEP-IRA an option for us? We do not have any employees and we are organized as a sole-proprietorship here in Texas. Can we each establish our own SEP-IRA based on our own Schedule C for the business. As a qualified joint venture we are splitting all the business revenues and expenses down the middle and putting one half on a Schedule C for me and the other half on a Schedule C for her. So can I open and fund a SEP-IRA based on my Schedule C for half the business, while she opens and funds another SEP-IRA based on her Schedule C for her half of the business. Is that possible? I could not find anything in IRS Pub 560 or any other IRS Publication that said anything one way or another about SEP-IRAs for a husband and wife business filing as a qualified joint venture with the business data split onto two Schedule C's, one for the husband and one for the wife (and two Schedule SE's as well of course). Thanks in advance for your help!



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