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Video instructions and help with filling out and completing sep ira 5305 vs 5305a
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 taxes when you retire so money goes in pre-tax money comes out and gets taxed in retirement all right so we get a lot of questions on these also a good reason to do these videos and one of those questions is how much can I contribute to a SEP IRA is it the same as a traditional IRA or a raw actually this is one of the differences a SEP IRA if you have one you can contribute up to 25 percent of your income or $54,000 so whatever number is smaller either 25% times whatever your income is or $54,000 whatever the smaller number is that's how much you can contribute think of it as your contribution to your step IRA by the way when I mention these things I'm talking about for 2021 the rules change every year they don't have to change but sometimes the government says okay we'll just for the cost of living or for inflation and we'll change those numbers so if you're watching this in 2021 that's the number if it's 2021 19 or 20 or whatever it is that number may have changed another question we get is hey if.