0:00 Intro 0:35 Setup Process 0:57 IRS form 5305-SEP 1:04 SEP IRA Employee Eligibility Requirements 2:34 IRS form 5498 2:54 Contribution Limits 3:38 Catch-Up Contributions 4:08 Investment Options 4:48 Traditional IRA and Roth IRA income limits 7:02 SEP IRA contribution formula 9:15 Contribution rates Publication 560 10:41 Roth IRA + SEP IRA 13:58 Is the SEP IRA the retirement plan for you?
Great in-depth video! Being self-employed I just opened a SEP IRA. I was wondering if my wife who has a side hustle could also open a SEP IRA for herself? We file our taxes jointly.
Can I open a sep IRA for a LLC partnership where partner is a silent partner and there are no employees or employers other than the partners? Thanks so much
![How to calculate SELF EMPLOYMENT TAX deduction for retirement plans [SEP IRA + Solo 401k]](http://i.ytimg.com/vi/m5sxc_jJGt0/mqdefault.jpg)
![How to calculate SELF EMPLOYMENT TAX deduction for retirement plans [SEP IRA + Solo 401k]](/img/tr.png)
![How to calculate solo 401k contributions [Self Employed Retirement Plan]](/img/n.gif)
0:00 Intro
0:35 Setup Process
0:57 IRS form 5305-SEP
1:04 SEP IRA Employee Eligibility Requirements
2:34 IRS form 5498
2:54 Contribution Limits
3:38 Catch-Up Contributions
4:08 Investment Options
4:48 Traditional IRA and Roth IRA income limits
7:02 SEP IRA contribution formula
9:15 Contribution rates Publication 560
10:41 Roth IRA + SEP IRA
13:58 Is the SEP IRA the retirement plan for you?
Dude, just discovered your videos. As a new independent contractor, your videos are super super helpful. 👏👍🙌
I really appreciate you take time to answer every question so it’s help. Thank you.
Thank you.
This is probably the best plan for self-employed without needing a big amount to open an Annuity.
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Great in-depth video! Being self-employed I just opened a SEP IRA. I was wondering if my wife who has a side hustle could also open a SEP IRA for herself? We file our taxes jointly.
Yes, she can. It’s on the business side so it doesn’t matter how you file. Also consider a solo 401k.
@@TravisSickle Could I have both a SEP IRA and Solo 401K?
Can I open a sep IRA for a LLC partnership where partner is a silent partner and there are no employees or employers other than the partners? Thanks so much
if i am s-corp with myself running my payroll and w2 when do i contribute to my SEP IRA. ? every payroll or end of the year
The SEP IRA is employer only funded and can be deposited anytime before you file your s-corp tax return.
Is there any employer only contribution plan for small businees?
Yes
Could you please share here? I mean business doesn’t need to contribute for employees.
@kunalamin8 join the discord chat, link in description
If I built a business that was automated and everyone knew what their duty was, then I could make money in my sleep. That's the Holy grail, right?
sure
Travis - how to convert SEP IRA to ROTH IRA ? Happy New Year!
Downside to ROTH IRA. can't contribute big amount.
@@johndavis8669 U got that right!