What is a SEP IRA?

Simplified Employee Pension IRA or a "SEP IRA" is a plan designed for those who are self-employed (i.e. 1099s) or business owners and carry with them the advantage of higher contribution limits. 

Additional Information about SEP IRAs: 

- Maximum contribution is $69k for 2024 ($66k for 2023) or roughly 25% of your business’s revenue (whichever is lesser) and is determined by a set formula, which should be discussed with a financial or tax professional

- Funded with pretax income

- Grows tax-deferred

- Taxed once you take distributions at an ordinary income level

- Cash contributions are tax-deductible

There are three Steps to complete a SEP IRA Transfer to iTrustCapital:

1) Finish an application on our website for an IRA to IRA Transfer via the "Open Account" button on the top right.

2) Please complete the required information and add your digital signature. Once submitted, your IRA Transfer will show as pending under "Inflows and Outflows" in the "History" section of your account.

3) Once we process the form, we'll let you know via email when to follow up with your current provider to ensure they are proceeding with the fund movement over to your account here.

Please follow the steps in this article to get started - Get Started

Please feel free to check out our Introductory Videos and Support Page. 

You can also call us on our support line, (562) 600-8399, from 8AM-12PM; 2PM-5PM PT on weekdays. 

The 3 Ways to Fund your iTrustCapital IRA

For more information, please visit the IRS website.

** Disclaimer - Please reach out to your tax advisor or CPA about your contribution limits and more importantly, your eligibility to contribute to a SEP IRA.