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Introduction. This publication discusses retirement plans you can set up and maintain for yourself and your employees. In this publication, “you” refers to the employer. See chapter 1 for the definition of the term “employer” and the definitions of other terms used in this publication.
This publication discusses retirement plans you can set up and maintain for yourself and your employees. This publication covers the following types of retirement plans. SEP (simplified employee pension) plans. SIMPLE (savings incentive match plan for employees) plans.
Pub. 560, such as legislation enacted after it was published, go to IRS.gov/Pub560. What's New Compensation limits for 2023 and 2024. For 2023, the maximum compensation used for figuring contributions and benefits is $330,000. This limit increases to $345,000 for 2024. Elective deferral limits for 2023 and 2024. The limit on
Publication 560 delineates four primary employer retirement plans, including SEP plans, SIMPLE plans, and two types of qualified plans: defined-contribution and defined-benefit.
IRS Publication 560 is an annual guide for establishing retirement plans. Covering SEP, SIMPLE, and qualified plans, it provides detailed insights into plan types, setup, contributions, and tax implications. Employers should refer to the latest version each year due to changing IRS stipulations.
The IRS’s Publication 560: Retirement Plans for Small Business is an annually released and updated publication, detailing the ins and outs of setting up and running retirement plans for the employers and employees of a small business.
Catch-up contributions: $7,500 for 2023, increasing to $8,000 for 2024 (applicable to those 50 or older). Explore Publication 560 to navigate retirement plans for small businesses. Learn about eligibility, contributions, and tax implications.