Multiple Choice
In general, which of the following statements regarding self-employed retirement accounts is true?
A) In general, SEP IRAs have higher contribution limits than individual 401(k) s if the contributing taxpayer is at least 50 years of age at year end.
B) In general, Individual 401(k) s have higher contribution limits than SEP IRAs.
C) In general, SEP IRAs have higher contribution limits than individual 401(k) s no matter the age of the contributing taxpayer.
D) None of the choices are true. In general, both SEP IRAs and individual 401(k) s have exactly the same annual contribution limits.
Correct Answer:
Verified
Correct Answer:
Verified
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