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.