Keyword Analysis & Research: sep

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Frequently Asked Questions

Is Sep considered a retirement plan?

A simplified employee pension (SEP, or SEP IRA) is a retirement plan that an employer or self-employed individuals can establish. The employer is allowed a tax deduction for contributions made to the SEP plan and makes contributions to each eligible employee's SEP IRA on a discretionary basis.

Does SEP have employee contributions?

“The SEP IRA is a simple, low-cost way for a small business owner to provide some type of retirement plan to employees. Contributions made to a SEP are employer-only – no employee contributions. Any employer contributions are tax-deductible to the employer.”.

Is Sep a successor plan?

A SEP is not a successor plan. Generally, participants may roll over distributions from the QP to the SEP-IRA.

When can I contribute to my Sep?

You can set up a SEP at any time during the year. Since your contributions are tax deductible, you must make the contributions to the SEP by April 15th if you are an unincorporated sole proprietor. If your company is a corporation or sub-chapter S corporation, you must make the contribution by March 15th.


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