A(n) ____ is intended for taxpayers with self-employment income and owners of small businesses.

Question

Quizplus · Accepted Answer

SEP-IRA, or Simplified Employee Pension Individual Retirement Account, is designed for individuals with self-employment income or small business owners. It allows for tax-deductible contributions and tax-deferred earnings, making it a popular choice for those looking to save for retirement. Keogh plans are also designed for self-employed individuals, but they are less common and have more complex rules. Roth IRAs and 401(k)s can be used by anyone, not just those with self-employment income or small businesses.

A(n) ____ Is Intended for Taxpayers with Self-Employment Income and Owners