I believe the SEP IRA Plan contributions are limited to 25% on your net earnings from self employed income up to $58,000. Why are we being limited to $7,000 per spouse?
03961
3 Replies
macuser_22
Level 15
Apr 22, 2021 9:29:03 PM
SEP IRA contribution are entered in the self employment section not the IRA contribution section. SEP are NOT Traditional or Roth IRA's. SEP means Simplified Employee Pension Plan (SEP).
kendiazz7
New Member
Apr 22, 2021 10:41:13 PM
Thank you so much for your input. This is a big relief.
fanfare
Level 15
Apr 24, 2021 5:20:28 AM
after adjusting for SE tax, your employer SEP contribution is maxed at about 18.3% not 25%.