SEP-IRA basics Any business can set up a SEP-IRA, regardless of size, by adopting form 5305-SEP. From there, you set up a SEP-IRA at your financial institution.

Tax Deductibility: To qualify, complete IRS Form 5305-SEP, or an IRS-approved “prototype SEP plan,” offered by many financial institutions, and by plan administration companies.

Tax Deductibility: To qualify, complete IRS Form 5305-SEP, or an IRS-approved “prototype SEP plan,” offered by many financial institutions, and by plan administration companies.

Tax Deductibility: To qualify, complete IRS Form 5305-SEP, or an IRS-approved “prototype SEP plan,” offered by many financial institutions, and by plan administration companies.

Tax Deductibility: To qualify, complete IRS Form 5305-SEP, or an IRS-approved “prototype SEP plan,” offered by many financial institutions, and by plan administration companies.

You need to complete Form 5305-SEP and also give copies of that to your employees. In most cases, you don’t file the form with the IRS.

Tax Deductibility: To qualify, complete IRS Form 5305-SEP, or an IRS-approved “prototype SEP plan,” offered by many financial institutions, and by plan administration companies.

Tax Deductibility: To qualify, complete IRS Form 5305-SEP, or an IRS-approved “prototype SEP plan,” offered by many financial institutions, and by plan administration companies.

Tax Deductibility: To qualify, complete IRS Form 5305-SEP, or an IRS-approved “prototype SEP plan,” offered by many financial institutions, and by plan administration companies.

The contributions you make to each employee’s SEP-IRA each year cannot exceed the lesser of: 25% of compensation, or $58,000 for 2021 ($57,000 for 2020), he said.

The contributions you make to each employee’s SEP-IRA each year cannot exceed the lesser of: 25% of compensation, or $58,000 for 2021 ($57,000 for 2020), he said.