SEP and new SIMPLE IRA through business
Jan Beatty
What is the total amount one can contribute to a SEP and new employer sponsored SIMPLE IRA this Year?
Jan Beatty, EA
Bridge Street Tax Service & Bookkeeping, Inc.
3112 S Mooney Blvd., Suite A
Visalia, CA 93277
559.733.4829 – Phone
559.733-1720 – Fax
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Lee Reams
SEP (CHAPTER 4.13 IN BB)
Contribution $ Limit (2021): $58,000
Contribution % Limit: 25% (20% of the net)
SIMPLE (CHAPTER 4.20 IN BB)
2022 Amounts
Maximum employee elective contribution under age 50: $14,000
Maximum employee elective contribution age 50 and over: $17,000
Required employer matching contribution:
3% of employee compensation or
2% of employee compensation $305.000 cap
For further details see the chapters, Lee
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