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[Event] Ask the Experts: Extension Filers
Contribution to retirement will depend on whether you filed an extension or not and the type of the account. If there was no extension filed, then you cannot contribute to any retirement plan but if there was an extension filed, you can still contribute to Self Employed retirements plans. The exact date and which contributions are allowed depend on your business structure and when the plan was established.
Some of the most common retirement plans for self-employed are Solo 401k, SEP IRA and SIMPLE IRA.
Deadline to open Solo 401k is Dec 31st in the year you want to contribute so for 2024 tax year, that deadline has passed.
The deadline to establish and contribute to a SEP IRA is your business's tax filing deadline, including any extensions.
You can set up a SIMPLE IRA plan effective on any date between January 1 and October 1, provided you (or any predecessor employer) didn't previously maintain a SIMPLE IRA plan. This plan also has to be opened during the tax year in order to contribute.
Three are also some other retirements plans. See below for more info. about different types of plan.
https://www.irs.gov/retirement-plans/retirement-plans-for-self-employed-people
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