Use the notification and guidance messages in your Forge Trust Customer Portal to make maintaining asset valuations and your Self-Directed IRA easier.

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Use the notification and guidance messages in your Forge Trust Customer Portal to make maintaining asset valuations and your Self-Directed IRA easier.

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SEP IRA

A SEP IRA allows employers to set aside money in tax-advantaged retirement accounts for themselves and their employees. A business of any size, including self-employed individuals can establish a SEP.

Key Advantages:

Is this retirement account right for you?

Easy to set up and maintain - requires Form 5305-SEP to accompany account application

Flexible annual funding requirements

Allows for profit sharing for small companies to create large pre-tax deductions to the businesses’ income as well as the employer’s deductions

Often simpler to establish than a 401k plan or other such group plan for small businesses

Eligibility:

Available to self-employed individuals and small business owners including those with employees
Includes sole proprietors, partnerships, C corporations, S corporations

Funding the Account:

Employer contributions
Same limits on contributions made to employees’ SEP-IRAs also apply to contributions if you are self-employed with some exceptions

Withdrawals:

Withdrawals:

Withdraw at any time but a 10% penalty may apply if you are under age 59 ½.
Withdrawals are included in income.
Required Minimum Distributions (RMDs) start at age 73;(as of 2023)

2024 & 2025 Contributions:

Up to 25% of compensation to a maximum of $69,000 for 2024 and $70,000 for 2025.

Administrative responsibilities:

Employer’s tax filings must include employee contributions
Annual employee notifications for employer’s contribution if made

Plan setup deadline:

Establish by employer’s tax filing deadline plus extensions, usually by April 15.

For more information visit IRS - Simplified Employee Pension Plan (SEP)

Key Advantages:

Easy to set up and maintain - requires Form 5305-SEP to accompany account application

Flexible annual funding requirements

Allows for profit sharing for small companies to create large pre-tax deductions to the businesses’ income as well as the employer’s deductions

Often simpler to establish than a 401k plan or other such group plan for small businesses

Is this retirement account right for you?

Eligibility:

Available to self-employed individuals and small business owners including those with employees
Includes sole proprietors, partnerships, C corporations, S corporations

Funding the Account:

Employer contributions
Same limits on contributions made to employees’ SEP-IRAs also apply to contributions if you are self-employed with some exceptions

Withdrawals:

Withdrawals:

Withdraw at any time but a 10% penalty may apply if you are under age 59 ½.
Withdrawals are included in income.
Required Minimum Distributions (RMDs) start at age 73;(as of 2023)

2024 & 2025 Contributions:

Up to 25% of compensation to a maximum of $69,000 for 2024 and $70,000 for 2025.

Administrative responsibilities:

Employer’s tax filings must include employee contributions
Annual employee notifications for employer’s contribution if made

Plan setup deadline:

Establish by employer’s tax filing deadline plus extensions, usually by April 15.

For more information visit IRS - Simplified Employee Pension Plan (SEP)