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OK online Form 5305-S: What You Should Know

SEP is a very simple, easy to understand plan. Here are the basic advantages: There's no required minimum to open. So you can open multiple SEPs throughout the year, until you have all the paperwork in place for the year. Once you've had all year's paperwork, you can close the plan at any time. SEP plans don't have any penalties if your plan balance moves below the “minimum contribution” during the year. SEP contributions are always tax-deductible, up to 5,500 per month. You can roll your SEP plan money over to another retirement plan or a traditional IRA at any time without a penalty — so you can still make investments in SEP. If you are self-employed, you can transfer the money you have in your SEP to a SEP-IRA at any time to get tax-free withdrawals of up to the amount of your contributions. The IRS model document (Form 5305-SEP) only applies to SEP-IRA's. Learn more about SEP-IRAs. See: Sec. 401(k) — Self-Contribution Plan — Self-Employed Retirement Plan The IRS model document (Form 5305-SEP) doesn't apply to the “SEP-IRA Plus” (SEP-IRAs Plus), a separate savings plan for self-employed individuals created by the IRS. It does not apply to the non-taxable annual contributions that you can make to your SEP-IRAs Plus account, tax-free. (See IRS Form 5305-SEP model document.) You can use SEP-IRA Plus to save for the future, for retirement, for a loan, the purchase of a vacation home, insurance, and other uses. It's a great plan to help you set aside your own money for retirement. If you are self-employed, you can use SEP-IRA Plus for your own retirement benefit, even if you never contribute to the account. Or, you can use the money from your SEP-IRA Plus account to borrow against it for a rental property. But, you cannot use the loaned money to pay your own taxes; the IRS rules prohibit lending money to pay taxes.

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