If you no longer have business income, you have several options including the following: Leave your account as-is but you will not be able to contribute to it unless you begin earning business income again. If you leave it open, you will still be charged $8/month and a 0.08% account fee if you have a balance. Transfer your SEP IRA to a Guideline traditional IRA and make any allowable contributions to that account. Transfer your SEP IRA to a traditional IRA or retirement plan at another financial institution. Take a cash distribution. You should consult with your tax advisor regarding business income status.