Forms and Requests Received Will be Processed in 24-48 hours of Quest Receiving the Form.
The Simplified Employee Pension IRA is a type of retirement account used by those who own businesses. The account allows for the owner to contribute to his own account as well as accounts for the business’ employees. Contributions can be made by the employer to a maximum of 25% of the employee’s salary. The contributions made to the accounts in a SEP IRA must be in equal percentages for all qualifying employees. A self-employed individual can contribute up to 20% of their net earnings (Schedule C). The contribution limit for 2018 was increased by the IRS to a total of $55,000.
Check out this video for an understanding of how you can use SEP IRAs to your advantage
2020 Contribution Limits:
- 25% of compensation up to $57,000
Employee Participation Requirements
- An individual can open and make contributions to a SEP IRA if the following requirements are met:
- Reached age 21
- Worked for employer for at least 3 years
- Received at least $600 in compensation
Submit Your Forms: All forms can be mailed or faxed to any of our locations or emailed to NewAccounts@QuestTrust.com