SEP IRAs
- Discretionary contribution
- 25% limit (20% for sole proprietors and partnerships)
- Contribution allocation can be integrated with Social Security
- No government reporting
- No annual testing
- Immediate distribution provisions
- New plans can be set up for prior fiscal year up to tax filing date plus IRS extension
- Total maximum contribution: $57,000
This information is provided as of November 13, 2020.