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The SEP IRA lets you save tens of thousands of dollars, much more than a traditional IRA. ... $70,000 in 2025 ($69,000 in 2024) The SEP IRA is an employer contribution rather than an employee ...
Each year, you have until the filing deadline—April 15, 2024 this year—to max out your contributions. ... ($7,500 for those 50 and up) while the max for SEP IRAs, used by some business owners ...
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)
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 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 ...
Here’s a look at every 2024 tax deadline that you should know. ... (RMDs) from IRAs no longer have to be taken until age 73. April 1 is the deadline to take your RMD if you turned 73 in 2023.