The Traditional and Roth IRA contribution limits for 2018 are listed below. All checks need to be made payable to Mainstar Trust.
Traditional/Roth IRA Contribution Limits
2018 - $5,500.00
Catch Up Contributions For Those Age 50 Or Older
2018 - $6,500.00
SEP Contributions Cannot Exceed The Lesser Of
25% of Compensation or
2017 - $54,000.00
2018 - $55,000.00
The maximum amount that can be contributed to a SEP plan is 25% of an employee’s compensation, which is capped at a maximum as indicated above.
SEP contributions are reported to the IRS in the year of receipt. The account holder reports the year of designation for the SEP contribution on their tax return.
This information is for educational purposes only. Please consult your tax advisor and IRS Publication 590 for more IRA information.