Working for yourself, you are both the employer and the employee of your SEP-IRA. The plan's 25% becomes 20% of your net profit after you take off half your self-employment tax (IRS Publication 560). The pay counted is capped at $360,000 and the contribution at $72,000 for 2026 ($350,000 and $70,000 for 2025). It can be made up to the return's due date, extensions included - April 15, or October 15 with an extension.

Each deposit counts for the tax year you name, from January 1 of that year to its deadline. Over the year's limit is an excess contribution - taxed every year it stays in - so Granary will not record one.