Which of the Following Statements Is Incorrect Regarding the SEP

question 1948

Multiple Choice

Which of the following statements is incorrect regarding the SEP IRA?

• A) Contributions made by the due date of the tax return can be treated as made on the last day of the related tax year.
• B) The maximum contribution for 2018 is $55,000.
• C) Employer contributions must be nondiscriminatory.
• D) Both employers and employees can contribute to the plan.

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Definitions:

Marital Breakdown

The process by which a marriage deteriorates to the point where the relationship is irreversibly damaged, potentially leading to separation or divorce.

Individualism

A societal concept that prioritizes individual autonomy over the control of groups or governmental entities.

Essential Basis

The fundamental or core foundation upon which a concept, theory, or system is built or operates.

Marriage

A legally and socially sanctioned union between individuals that establishes rights and obligations between them, as well as between them and their children.