SEP IRA: Simplified Employee Pensions have higher contribution limits, but are meant for Self Employed (1099 Income).
- Talk to Tax advisor/CPA if this is a better option for you
- The maximum contribution is $61k for 2022 ($58k for 2021) or roughly 25% of your business’s revenue ( whichever is lesser)
- Funded with Pre-Tax dollars
- Grows tax-deferred
- Taxed once you take distributions at ordinary income level
- Cash Contributions are tax-deductible.
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Articles in this section
- Can I take out a loan or borrow against my IRA account with iTrustCapital?
- How do I request my annual RMD from my IRA?
- What is an RMD (Required Minimum Distribution)?
- How much can I contribute to a SEP IRA?
- What is a SEP IRA?
- What is the 5-Year Rule related to Roth IRAs?
- Can my spouse and I have a joint account?
- Can I have more than one IRA?
- What is the difference between a Traditional IRA and Roth IRA?