Qualified individuals receive higher contribution limits
A Simplified Employee Pension, or SEP, IRA is designed for the self-employed or small business owner.
- May be treated as a tax credit, reducing your adjusted gross income and saving you tax
- Could be made by employer up to 25% of an employee's total income
- $46,000 maximum per year
- Tax-deferred until withdrawals begin
- Distribution is required at age 70 1/2 or at retirement *
*Ask your banker or accountant about any annual requirement changes!
Nice to Know: Individuals qualifying for a SEP IRA are also allowed to contribute to a regular IRA.
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