2 Sch Cs, one SEP

Technical topics regarding tax preparation.
#1
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Client has been an independent contractor for years in the oil industry, has a Sch C, always does a full SEP. The SEP is in his name, doesn't say anything about the business.

This year he has a second gig as a computer worker, also treated as an independent contractor. Can he use the SEP IRA account for both businesses? If I use 2 Sch C's, Lacerte allocates the SEP to each, and warns that each business must have its own SEP account.

I am leaning towards using 1 Sch C, and calling it all consulting.

Can anyone shed any light on this?
 

#2
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Looking for a responder. Thanks.
 

#3
JR1  
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I tend to just create one Sch. C, but I don't think it matters. It's kind of like the SE computation, it combines all Sch. C's anyway.
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#4
Doug M  
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The paperwork for the SEP is form 5305-SEP. That is about all that needs to be filled out.

https://www.irs.gov/pub/irs-pdf/f5305sep.pdf

I would assume there are two different employers as each schedule C has a dba? I would keep 2 accounts.
 


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