3.SEP IRA
A SEP(Simplified Employee Pension) IRA is an individual retirement plan funded by an employer for employees’ accounts under their own names, designed for self-employed individuals, small business employers, and businesses with only one employee. SEP IRA is similar to Traditional IRA, where funds withdrawn from retirement accounts are not taxed.
When filing taxes for 2023, the maximum contribution limit for a SEP IRA is $66,000 (for 2024, it’s $69,000).
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