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$70,000 in 2025 ($69,000 in 2024) The SEP IRA is an employer contribution rather than an employee contribution, so it’s made by the company rather than the individual.
For 2024, you can make SEP-IRA contributions for each of your employees (including yourself) up to 25% of their compensation for a maximum of $69,000. ... SEP-IRA contributions are immediately 100 ...
The deadline for 2024 IRA contributions The IRS lets you make 2024 IRA contributions until the tax deadline -- April 15, 2025. This is the deadline even if you request an extension to file your taxes.
If the self-employed person does have employees, all employees must receive the same benefits under a SEP plan. Since SEP-IRAs are a type of IRA, funds can be invested the same way as most other IRAs. The deadline for establishing the plan and making contributions is the filing deadline for the employer's tax return, including extensions.
The contribution limit for a SEP IRA for 2024 is straightforward. Your maximum contribution is the lesser of: 25 percent of the employee’s compensation. $69,000 (increasing to $70,000 in 2025)
For 2024, contributions are limited to the lesser of 25% of compensation or $69,000. But the limit increases to the lesser of 25% of compensation or $70,000 per year for 2025. SEP-IRAs don’t ...