Contribution limits: The contribution limits for a Simple IRA are lower than for a SEP IRA. For the year 2025, the contribution limit for a Simple IRA is $16,000 for individuals under age 50 and $19,500 for those 50 and older, while for SEP IRA is the lesser of 25% of the employe...
SEP IRAs aretreated like traditional IRAs for tax purposesand allow the same investment options. The same transfer androlloverrules that apply to traditional IRAs also apply to SEP IRAs. When an employer makes a contribution to a SEP IRA account, it receives a tax deduction for the amount cont...
Generally, filing extensions extends the period for establishing and funding the SEP plan. For a sole proprietor April 15th would be the deadline to establish and fund a SEP for the prior tax year. If an extension was filed a sole proprietor can establish and fund a SEP IRA by October ...
If you want to establish a retirement plan for your business, you may want to consider establishing aSimplified Employee Pension(SEP). For starters, SEPs have a more flexible contribution deadline thanqualified plans—SEP contributions can be made up until the due date of the employer’s tax ...
If you filed an extension and wish to contribute to your2024SEP IRA by the Oct. 15 tax filing deadline, you must initiate your deposit through Betterment by 11:59 PM ET on Oct. 15, to ensure that your contribution completes by the deadline. ...
If the employer has filed an extension, then the final SEP IRA contribution date is the extension deadline, which is usually Oct. 15. The maximum contribution to a SEP IRA is $66,000 in 2023 (increasing to $69,000 in 2024).