All right here's the deal we have done over a hundred videos on retirement topics investing accounts anything that we think can help you with personal finance or retirement investing and a client of mine actually called the other day and said hey you have my SEP IRA account and I've never seen you do a video on those step IRAs maybe there's an audience for that so basically a SEP IRA is a retirement account that is set up by employers or more commonly it is set up by people that are self-employed they run their own business and they may even be their own employee here's the deal a SEP IRA right off the bat if you want to stop watching you can just think of it as basically a traditional IRA with only a few little differences if you're a business owner and you are the only owner of your business you're the only employee you're the only person you're just a single person business then you can open a SEP IRA and contribute to it pre-tax just like you would in a traditional IRA what that means is that you're just going to contribute now you're going to deduct that amount off your taxes and then in the future when you take withdrawals from that account then the IRS is going to ask for you to pay taxes now if you have employees and you want to contribute to their IRAs as well their SEP IRAs you can do that now when you do contribute to those SEP IRAs the employees are not taxed at that point just think of it as a traditional IRA if you're an employee of a company where someone contributes to a SEP IRA for you then you're going to pay...
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Sep ira 5305 vs 5305a Form: What You Should Know
If you have any questions, don't hesitate to make an appointment. 5305 – SEP - 401(k) — IRAs 5305A-SEP : Retaining Qualified Employees and Contributions by Age, Position, and Plan — Individual Retirement Account — Retirement Periods, SEP Plans and IRA Plans 5305-SEP: Retaining Qualified Employees and Contributions by Age, Position, and Plan and 401(k) Plan — Individual Retirement Accounts Form 5305-SEP: Retirement Plan — Individual Retirement Accounts and Retirement Periods 5305-SRP (Rev) Employee Stock Ownership Plan — Small Business Retirement Plan 5305-SRP (Rev) Employee Stock Ownership Plan — Small Business Retirement Plan 5305SSP (Rev.
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