Who maxed out their SEP IRAs this year?
 

I've maxed out the last 3 years. I wanted to this year to get those tax savings, but after going over my financial picture I decided I had too high a percentage of my assets in IRAs.

It kind of sucks, but it's the best long-term tax and retirement planning decision for me. I hope some of your younger/newer guys are taking advantage of the SEP IRA.

are you referring to the contribution that you can make to your ira with a maximum of i think 40k a year?

Isn't it 40% gross revenue? Is there a cap on the actual dollar amount?

i dont think the irs would let you contribute 40% of your income and not pay taxes on it..no way

No, it's a max of 25% of your W2 income, i believe capped at 40K.

you may contribute up to 25 percent of income/ compensation, providing the contribution does not exceed $40,000

no just 25% up to $40,000

There is something similar in canada called reer. I don't think the cap is 25 % tough.

Its all about the IRA's.

Just dont take anything out of em or ya fry:(