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SEP IRA

Simplified Employee Pension Plans (SEP IRAs) offer self-employed individuals and small-businesses benefits such as tax-deferred growth when saving for retirement.

SEP IRA
Who it's for	Self-employed individual or small business owner, including those with employees Available to sole proprietors, partnerships, C corporations, S corporations
Key advantages	Easy to set up and maintain Flexible annual funding requirements
Who can contribute	Funded solely by employer contributions
2019 & 2020 employee contribution limits	N/A
2019 employer contribution limits	Up to 25% of compensation up to a maximum of $56,000
2020 employer contribution limits	Up to 25% of compensation up to a maximum of $57,000
Administrative responsibilities	No employer tax filings; employee notification for employer's contribution, if made
Access to assets	Withdraw at any time, but a 10% penalty may apply if you are under age 59½.
Plan setup deadlines	Establish by employer's tax filing deadline, plus extensions, usually April 15.

Next Steps

Open a SEP IRA

Funding your Forge Trust Account

In observance of Martin Luther King Jr Day, our offices will be closed for business on Monday, Jan 18, 2021.