The recent Tax Relief Act will produce many changes to IRAs, beginning in 2002. Please review our summary of the changes or work with a financial advisor near you to understand the implications. Self-employed people make annual contributions for themselves.
Small employers make contributions on behalf of their employees.
SEP-IRAs cannot include contributions from the employee. A Good Idea for People who are self-employed. Small business owners who want an easy way to provide retirement benefits to their employees. For self-employed people, compensation is defined as earned income. No taxes due until withdrawals begin.