|Retirement Plan Comparison|
|IRA||Simple IRA||SEP IRA||Solo 401(k)||Defined Benefit|
|Who can open||Anyone under the age of 70 ½||Employer with max 100 employees||Any employer||Self-employed with no employees except spouse||Any employer|
|Cost and Complexity||Low||Low||Low||Medium||High|
|Employer contribution limit||N/A||3% of employee’s pay or 2% nonelective||25% of employee income up to $53,000||$18,000 (plus $6,000) deferral plus 25% of compensation; $53,000 max ($59,000 for 50 and over)||N/A|
|Employee contribution limit||$5,500 plus $1,000||$12,500 plus $3,000||N/A||N/A||N/A|
- September 15, 2019: S Corporations and Partnership Tax Returns Filing Deadline.
- October 15, 2019: Individual, Fiduciary and Corporate Tax Returns Due.