A SEP (Simplified Employee Pension) IRA allows employers to contribute to an eligible employee’s Traditional IRA. All types of employers can use a SEP IRA to contribute to an employee. These contributions are tax deductible for the employer and taxpayers may contribute 25% up to $56,000 (whichever is less) in 2019. 2019 participants may make contributions of $6,000 or $7,000 for any individuals over 50.
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*WIthdrawal of earnings are tax free if the account has been open for at least five years and the account holder is age 59 1/2 or older. Please note that for Traditional IRAs and Roth IRAs, limits on contributions vary from tax year to tax year. You can contribute the max or 100% of compensation, whichever is less. If over 50, you can contribute more than max as a catch up contribution. You can contribute every year, but are not required to do so and you can start or contribute by April 15th or when you tax return is due.