SEP IRA 2006 – An Evolving Plan

There is a pattern of extremely beneficial contribution limits associated with the Simplified Employee Pension, or SEP, that has remained a big feature of the account. The SEP IRA 2006 limit was the same 25% of yearly compensation that it is today, but in 2006 that amount was capped at $42,000. Today the cap is $49,000 annually . The SEP has kept up with the times, providing outstanding opportunity for participating employees to accumulate substantial savings at a fast pace. The employerdecides the percentage to be contributed and is allowed to evaluate and alter the amount, however all contributions must be consistent and made for each qualified employee. Self-employed individuals do not receive wages, so their contributions are calculated on net profits. SEP IRA 2006 allowed for 20% of net profits, the identical amount approved currently. The formula is net self-employment income, minus one half of self-employment taxes to reach a net/net figure, which is multiplied by 20% to arrive at the contribution amount permitted. Contributions can be made for the previous year up until the final deadline, including extensions, for taxes. All contributions must be made prior tothe time that tax filing is done. The SEP plan wasmade to benefit small companies and the self-employed, and is also anappropriate choice for LLCs, partnerships, S and C corporations, and partnerships. There is a significantly lowercost to establish the SEP than most othertypes of IRAs, and the reporting and record keeping requirements are simpler. Thefunds in the plan aretotally vested as soon as they are contributed, making the account portable. An employee who changes employers can roll the SEP balances into the sponsored retirement plan of the new employer, or switch the funds into another individual retirement account. The generous SEP IRA 2006 contribution limits have kept up with the times, and still providegood potential.

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