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Epartment of the Treasury Internal Revenue Service (Name of employer) DO NOT FILE with the Internal Revenue Service makes the following agreement under section 408(k) of the Internal Revenue Code and the instructions to this form. Article I - Eligibility Requirements (complete or check each applicable see instructions) The employer agrees to provide discretionary contributions in each calendar year to the individual retirement account or individual retirement annuity (IRA) of all employees.
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2012 FAQ
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Advantages of a SEP Generally, you do not have to file any documents with the government. Sole proprietors, partnerships, and corporations, including S corporations, can set up SEPs. You may be eligible for a tax credit of up to $500 per year for the first 3 years for the cost of starting the plan.
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The good news is that you only need to offer the SEP IRA to “eligible employees,” and you can make employees “ineligible” if they have not worked for you for 3 years out of the prior 5 years (see IRS SEP IRA FAQs).
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An employer is not required to make SEP contributions. If a contribution is made, however, it must be allocated to all eligible employees ing to the SEP agreement.
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Must I contribute the same amount each year to my employees' SEP-IRA? No. Contributions are discretionary, so you may vary the percentage of compensation that you contribute each year. You can even skip contributions for some years.
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The contributions you make to each employee's SEP-IRA each year cannot exceed the lesser of: 25% of compensation, or. $66,000 for 2023 ($61,000 for 2022; $58,000 for 2021; $57,000 for 2020 and subject to annual cost-of-living adjustments for later years).
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SEP plans (that are not SARSEPs) only allow employer contributions. For a self-employed individual, contributions are limited to 25% of your net earnings from self-employment (not including contributions for yourself), up to $61,000 for 2022 ($58,000 for 2021; $57,000 for 2020).
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A SEP-IRA must be set up by or for each eligible employee. They may be set up with banks, insurance companies or other qualified financial institutions. All SEP contributions must go to traditional IRAs.
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Which categories of employees may I exclude from my SEP plan? You may choose to exclude employees who are: covered by a union agreement if retirement benefits were bargained for in good faith by you and the employees' union; or. nonresident aliens who have no U.S. source compensation.
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