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Retirement Planning for Self-Employed Individuals Quiz

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#1

Which retirement account is specifically designed for self-employed individuals?

SEP IRA
Explanation

Tailored retirement account for self-employed individuals.

#2

What is the penalty for early withdrawal from a retirement account before the age of 59½?

10%
Explanation

Penalty for premature withdrawal.

#3

Which retirement plan allows for loans against the account balance?

Solo 401(k)
Explanation

Permits borrowing against the balance.

#4

What is the maximum contribution limit for a SEP IRA in 2024?

$58,000
Explanation

The highest allowable contribution limit.

#5

Which retirement plan allows catch-up contributions for individuals aged 50 and older?

Solo 401(k)
Explanation

Enables additional contributions for older individuals.

#6

Which retirement plan allows for both employer and employee contributions?

Solo 401(k)
Explanation

Facilitates contributions from both parties.

#7

What is the deadline for self-employed individuals to establish and fund a SEP IRA for the previous tax year?

The tax filing deadline, including extensions
Explanation

Deadline for retroactive contributions.

#8

Which retirement plan offers the highest contribution limits for self-employed individuals?

Solo 401(k)
Explanation

Provides the most generous contribution limits.

#9

Which retirement plan allows for contributions beyond the age of 70½?

Solo 401(k)
Explanation

Permits contributions even after this age.

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