IRA Financial’s Adam Bergman Esq. discusses what you need to know if you have a SEP IRA and you still wish to make contributions for 2022.

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IRA Financial was founded by Adam Bergman, a former tax and ERISA attorney who worked at some of the largest law firms. During his years of practice, he noticed that many of his clients were not even aware that they can use an IRA or 401(k) plan to make alternative asset investments, such as real estate. He created IRA Financial to help educate retirement account holders about the benefits of self-directed retirement plan solutions.

IRA Financial is a retirement account facilitator, document filing, and do-it yourself document service, not a law firm. IRA Financial does not provide legal services. No attorney-client relationship exists between Client and IRA Financial Group, its management, salespersons or IRA Financial’s in-house legal counsel. IRA Financial provides IRA retirement facilitation service and CANNOT provide Client with legal, investment, or financial advice. Prior to making any investment decisions, please consult with the appropriate legal, tax, and investment professionals for advice.

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AdBits – 2022 SEP IRA Contribution Deadlines

If you are self-employed or own a small business, the Simplified Employee Pension (SEP) IRA can be a great way to save for your retirement. SEP IRA contributions are tax-deductible, and the account grows tax-free until you withdraw the funds in retirement.

The deadline for making a SEP IRA contribution for the 2022 tax year is April 15, 2023, for most self-employed individuals and small business owners. However, if you file for an extension on your taxes, you have until October 17, 2023, to make a SEP IRA contribution.

The contribution limits for 2022 are 25% of compensation or $61,000, whichever is less. This means that if your compensation is $100,000, you can contribute up to $25,000 to your SEP IRA for the 2022 tax year. It is important to note that the contribution limits may change each year.

SEP IRAs can be a great way to save for your retirement, especially if you have a fluctuating income or own a small business. Before contributing to a SEP IRA, it is important to consult with a financial advisor to ensure that it is the right retirement savings option for you.