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Understanding the contribution and income limits associated with SEP IRAs is critical in leveraging their benefits. For 2023, the contribution limit for a SEP IRA is the lesser of 25% of the ...
However, your maximum contribution to the SEP IRA and the 401(k) together is $69,000 in 2024 or $70,000 in 2025, including both employer and employee contributions.
If your employer’s 401(k) plan permits it, and you were age 50 or older at the end of 2023, you can also make catch-up contributions by adding salary deferrals up to $7,500.
Those aged 50 and older can add an additional $7,500 as a catch-up contribution. ... up to the annual compensation limit of $330,000 in 2023 ($345,000 in 2024). ... between the solo 401(k) and SEP ...
The SEP IRA has a limit on the annual compensation that is used for figuring retirement plan contributions. For 2025, that limit is $350,000, an increase from $345,000 in 2024. That limit is ...
Additionally, maximum Roth or traditional individual retirement account (IRA) contributions are now set at $6,500 (up from $6,000). The IRA catch-up contribution limit (a contribution that allows ...
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277 West Nationwide Boulevard, Columbus, OH · Directions · (614) 227-5725