For your convenience, 5498 Tax Forms are available online on the Client Portal. Also, if you need to make a fee payment, please use e-bill express. Thank you for your business.

Forge Trust

For your convenience, 5498 Tax Forms are available online on the Client Portal. Also, if you need to make a fee payment, please use e-bill express. Thank you for your business.

For your convenience, 5498 Tax Forms are available online on the Client Portal. Also, if you need to make a fee payment, please use e-bill express. Thank you for your business.

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

2020 & 2021 Contributions:

  • Up to 25% of compensation to a maximum of $57,000 for 2020 and $58,000 for 2021.

Withdrawals:

Withdrawals:

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

2020 & 2021 Contributions:

  • Up to 25% of compensation to a maximum of $57,000 for 2020 and $58,000 for 2021.

Withdrawals:

Withdrawals:

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)

IRS Contribution Limits

Each year the IRS reviews and sometimes adjusts how much you can contribute to retirement accounts. See how much you are allowed to contribute by account type.

Open a SEP IRA