A SEP IRA is a lesser-known employer-sponsored retirement vehicle option that can especially be helpful for those that are self-employed and those that own small businesses. We will discuss the most important aspects of SEP IRAs such as how they work, what they are, their benefits, and their drawbacks.
#SEP #SEPIRA #IRA
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Timestamps:
0:00 Introduction
0:24 SEP IRA Defined
1:00 Important SEP IRA Considerations
1:54 Why You Should Choose A SEP IRA
4:31 Why You Shouldn’t Choose A SEP IRA
5:49 How Much You Can Contribute To A SEP IRA
7:17 When You Can Withdraw From A SEP IRA
8:02 TAKE ACTION!
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Wait a minute, I thought a SEP IRA was for self employed individuals? Why do you say only the employer can contribute to the Sep IRA?
Im confused. You said earlier in the video that it wouldn't affect my personal account i.e. roth ira. But later you said i can't have a sep roth ira.
So, am I allowed to have a roth ira if i habe a sep? Or should i consided a solo 401k instead? Thank you
good video thanks
So does this mean that I need to fist do my taxes and then contribute to this? Or do I used my 2020 taxes to figure out how much money I made?
Thanks for all the info!
Awesome channel bro ! i just started my own channel as well!
@OnCashFlow You forgot to multiply the total income by half of the SE tax 15.3% and subtract from net profit . Then that total should be multiplied by .20% if you want the exact maximum dollar amount that you can contribute in a given year. Ex) $100,000*.0765=$7650 subtracted from $100k is $92,350. $92,350*.20=$18,740 maximum contribution, not $25,000.
Could you compare sepIRA with solo401k specifically?
my employer gives a SEP IRA to me for a few years now. I have never reported it on Form 8606 because I never thought I could take the deduction for it since he did on his expense side. All these SEPs I've been receiving are before tax anyway. Do I prepare a Form 8606 for each year he gives me a SEP contribution?
great video!
Very informative. Thanks! Exactly what i was searching for.
Do you have a single SEP-IRA's or multiple SEP-IRA's if multiple contributors?
1. Would my employed (W2) and self employed (sole prop) SEP-IRA contributions go in to a single SEP-IRA, or would I be required to have two SEP-IRAs?
2. Is there any problems with taking a SEP contribution for my sole prop income and S-Corp W2 income?
3. Would I keep two Form 5305-SEP's for my records?
My Sole prop income was in Q1 only. This sole prop then became a SM-LLC (S-corp election) and was my income for the rest of the year.
Thank you very much
@OCF, if you are running this channel as a small business LLC, have you looked at a Roth/Solo 401(k)? I’ve been looking at e*Trade, wondering if you have other recs on a Solo.
My SEP IRA is great! I max it out every year. I evaluated a Solo 401K vs SEP IRA and chose the latter because of it's simplicity to set up. I wish it wasn't limited to $57,000. It would be awesome if it was just 25% with no limit LOL.