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SEP versus SIMPLE—who makes the contributions?

Question: 
Can an employee contribute to a SEP IRA?
Answer: 

Only the employer can contribute to a SEP. The employee can contribute to a regular IRA which makes it feel like there are employee contributions. However, it is two different entries. The SIMPLE IRA has both employer and employee contributions combined. It is sometimes called a baby “401K”.
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Learn more about Deborah Crawford’s webinar IRA - The Basics

First published on 01/12/2020

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