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Has operational guidance raised the SEP contribution limits to 25%?


Guest Philip Simpkins
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Guest Philip Simpkins

We were looking for operational guidance for EGTRRA regarding the increase from 15% to 25% for maximum annual comined contribution ~ anybody seen it yet?

Thanks!

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The IRS does not have the authority to change it to 25%. Technically, the law still reads 15%.

There was an EGTRRA technical corrections bill that was attempted to be attached to the Victims Tax Relief bill that passed late in December. However, it didn't make it. It will again be tacked on to some bill when Congress reconvenes, but it is anyone's guess how long it will take to get passed.

It would have changed the 15% reference to 25%.

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  • 3 weeks later...

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