SIMPLE IRAs work similarly to solo 401(k) plans in that they also have an employee and employer component to the contribution, but both SIMPLE IRA portions have lower limits than those of solo 401(k) plans. For SIMPLE IRAs, the employee portion is limited to $14,000 in 2...
Jess has the triple crown of IRAs with her SEP IRA, often referred to as an IRA for self-employed people because they’re available to businesses of any size (which includes business of one, like Jess’s). SEP contribution limits are a bit more confusing, but theIRS helpfully explains as...