Which of the following statements regarding self-employed retirement accounts is true?
A. A self-employed taxpayer who has hired employees may not set up a SEP IRA.
B. A self-employed taxpayer who has hired employees may set up either a SEP IRA or an individual 401(k).
C. A self-employed taxpayer who has hired employees may not set up an individual 401(k).
D. All of these statements are false.
Answer: C