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Video instructions and help with filling out and completing Irs form 5305-sep 2022
Music welcome to my channel let's talk money today we will be talking about the retirement plans for those that are self-employed or owned small businesses this plan is also known as self or simplified employee pension which provides business owners with a simplified method to contribute towards they employees retirement as well as their own return in savings in this video we will discuss what is a SEP IRA and how it can help you save money for retirement make sure to watch the entire video as I will outline the advantages and disadvantages of SAP IRA accounts I will discuss about who can contribute to a SEP IRA how much can you can contribute each year are the contributions tax-deductible when can you take money out what are the benefits advantages disadvantages of supplier accounts and so much more just a quick reminder for those that haven't subscribed to my channel yet please support us by subscribing to our channel by liking and commenting under the videos I do not get paid and I will not endorse any companies in this video so the information presented is absolutely educational again please consider supporting this channel ok so let's get started what is a SEP IRA SEP IRA stands for simplified employee pension individual retirement account in essence this is a retirement account for business owners and self-employed individuals SEP IRA contributions are tax deductible and investments grow tax-free until retirement once you retire and are ready to take distributions then you will pay taxes on the distributions an employer may establish a SEP plan this include includes sole proprietorships partnerships corporations and nonprofit organizations now let's see who can contribute to a SEP IRA when it comes to contributions there is a very important rule set by the IRS the rule says that if a small business has employees who eligible participants in the SAP plan the business must make contributions on behalf of employees equally to the contributions of the business owner so if the business owner has three employees and decided to contribute let's say five thousand dollars towards the self IRA account for eligible participants then the business has to make the same exact contributions to everyone including to the owner itself well generally employees must be allowed to participate in the plan if they are over 21 years old or older earn at least six hundred dollars annually and this limit is for a year 2022 and have worked for the same employer in at least three of the past five years and now let's explore what are the contributions in one of our previous videos about traditional IRA we discussed that it allows individuals to contribute up to five thousand five hundred dollars per year in 2022 or it allowed a catch-up contributions for those that are 50 years or older and it is six thousand and five hundred for those individuals with a SAP IRA you could contribute up to fifty.