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The SEP IRA is one of the best ways for small businesses and individual business owners to help employees save for retirement, and they’ll be able to contribute even more in 2025 than in 2024.
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.
The annual contribution limit for IRAs — both traditional IRAs and Roth IRAs — is $6,500 for 2023. Individuals 50 and over can set aside an additional $1,000.
However, your maximum contribution to the SEP IRA and the 401(k) together is $69,000 in 2024 or $70,000 in 2025, including both employer and employee contributions.
The reason tax day isn’t on April 15 — the traditional tax deadline — is because that date falls on a Saturday this year. ... to make 2022 contributions to SEP IRAs and solo 401(k) if the ...
You can also make 2023 contributions to a traditional IRA, Roth IRA, SEP IRA, Health Savings Accounting (HSA), or solo 401(k) by this date. You can also withdraw excess contributions if your tax ...