SEP IRA Explained

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[confidentialprivateusa]

I'm watching in 2023. Good information yesterday and now today.

[ThriftDiving]

Hi! Quick question: Is that 25% of your TOTAL contribution or your adjusted gross income? I can't seem to find that answer anywhere! Thanks in advance!

[justinknash]

Heads up, if you are a business owner that receives compensation as personal income (no W-2), then the limit is 20% (not 25%) or $55, 000 as of 2018.

[dfwfast]

Excellent. Have been setting these up for a ton of clients.

[novaneteret]

This is what I am currently researching

[eddiezhang]

This seems to be a general question but I could not find a answer anywhere:
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when employer contribute the SEP IRA for an employee, does the amount come from the employee's compensation or is the amount additional to the employee's compensation

[MF]

I heard that undocumented immigrants can do that as long as they have their TIN number and pay income taxes. Is that right?

[scottbrannon]

So is it 25% of just the business earnings or since I have a business and a w2 job can it be 25% of that combined?

[LisleBrathwaite]

I own my own business and have only a savings account. A SEP IRA sounds like my best option, but I'm 43. Is it too late?

[ktmusa]

Dustin, good video, short and sweet.

[Sideler]

25% of your net income (after all your deductions). So 25% of $224K = $57k. That's the amount you can make in a contribution to your plan. as of 2020. It's been bumped up to $58k in 2021.

[DCManigault]

So the SEP IRA has to be under a business name or a EIN? I am a freelancer that obtains W2s from my employers.

[lionheart]

How many years do I need to have been self employed??? or is there not a time frame?

[victorramirez]

If I’m a Corp s with employees do I have to contribute to my employees or can I just save for myself?

[kcmail]

can you use a traditional IRA in place of your SEP IRA?

[aprilcollins]

My question is how to fund my SEP account. I get paid by my clients. The money goes into my business account, and I take a member distribution (singe LLC) for my personal paycheck. Should my contribution come from my business account or personal account?

[michaelherrera]

I'm self employed and expect to make around 80k this year, So that means I can put around 20k In a sep Ira, when I do my taxes this year I expect to pay somewhere around 15k-18k in taxes. If I do 20k in the Sep-ira how much would I owe the tax man at the end of the year zero?.... Or is Net made 80k minus my 20k in the sep-ira so my taxable income is reduced to 60k?

[rhomotor]

I have a Roth IRA that I contribute to with my earnings from my full time job. I also have a part time job, where I am considered to be a independent contractor. I want to open a SEP IRA to deduct some of the taxes I have to pay. Is this a wise decision, since being taxed later when I retired it would be relatively higher?

[allans]

Great video! I am self-employed c corp. Is the SEP funded with corporate funds and therefore the corporation also takes a tax deduction or Is it funded only through personal employee funds ?

[Ks]

Do I open the IRA on my name or my company's name?