please subscribe to our channel for more videos! https://www.youtube.com/letstalkmoneychannel
How much can I contribute to my SEP?
The contributions you make to each employee’s SEP-IRA each year cannot exceed the lesser of:
25% of compensation, or
$55,000 for 2018
How much can I contribute if I’m self-employed? If I participate in a SEP plan, can I also make tax-deductible traditional IRA contributions to my SEP-IRA? If I participate in a SEP plan, can I contribute to a Roth IRA in addition to receiving contributions under the SEP plan? Can I make catch-up contributions to my SEP? Must I contribute to the SEP every year? Do I have to contribute for a participant who is no longer employed on the last day of the year? Can I contribute to the SEP-IRA of a participant over age 70 ½? When must I deposit the contributions into the SEP-IRAs? How much of the SEP contributions are deductible? Are employer contributions taxable to employees? What are the consequences to employees if I make excess contributions? If my SEP plan fails to meet the SEP requirements, are the tax benefits for me and my employees lost?