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  2. SEP-IRA - Wikipedia

    en.wikipedia.org/wiki/SEP-IRA

    received at least $650 in compensation for tax year 2021 ($600 for 2019 and for 2020) Employers may use less restrictive criteria. [3] SEP-IRA funds are taxed at ordinary income tax rates when qualified withdrawals are taken after age ⁠59 + 1 / 2 ⁠ (as for traditional IRAs). Contributions to a SEP plan are deductible, lowering a taxpayer's ...

  3. A complete guide to SEP IRAs: Why those who are self ... - AOL

    www.aol.com/finance/complete-guide-sep-iras-why...

    SEP IRA basics: Make tax-deductible (traditional) or after-tax (Roth) retirement contributions as a self-employed person. Contribute the lesser of 25 percent of your income or $66,000 for 2023 ...

  4. 401(k) - Wikipedia

    en.wikipedia.org/wiki/401(k)

    In the United States, a 401 (k) plan is an employer-sponsored, defined-contribution, personal pension (savings) account, as defined in subsection 401 (k) of the U.S. Internal Revenue Code. [1] Periodic employee contributions come directly out of their paychecks, and may be matched by the employer. This pre-tax option is what makes 401 (k) plans ...

  5. 2023 SEP IRA contribution and income limits: What retirement ...

    www.aol.com/finance/2023-sep-ira-contribution...

    The SEP IRA has a limit on the annual compensation that is used for figuring retirement plan contributions. For 2023, that limit is $330,000, an increase from $305,000 in 2022. That limit jumps to ...

  6. Which Can Get Me More Retirement Money: A SEP IRA or Solo 401(k)?

    www.aol.com/finance/sep-ira-solo-401-k-130047117...

    When you're self-employed, you're in charge of choosing and funding your own retirement plan. In place of an employer-provided retirement plan like a 401(k), you may consider making contributions ...

  7. Individual retirement account - Wikipedia

    en.wikipedia.org/wiki/Individual_retirement_account

    Individual retirement account. An individual retirement account[1] (IRA) in the United States is a form of pension [2] provided by many financial institutions that provides tax advantages for retirement savings. It is a trust that holds investment assets purchased with a taxpayer's earned income for the taxpayer's eventual benefit in old age.

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