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The simple IRA can allow older people to promote independent living. This is achieved through the monetary resources gained by utilizing the Simple IRA.

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13y ago

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Can you contribute to a simple IRA and a traditional IRA in the same tax year?

Yes you may, and neither the Simple nor the Traditional IRA is affected by contributions to the other. The maximum amount for the Simple IRA for 2010 is $11,500 plus a $2,500 catch-up for folks 50 years old and older. The Traditional/Roth IRA maximum contribution amount for 2010 is $5,000 plus a $1,000 catch-up amount for folks 50 and older.


What are the simple IRA limits for self-employed individuals?

For self-employed individuals, the SIMPLE IRA contribution limit for 2021 is 13,500, with an additional catch-up contribution of 3,000 for those aged 50 and older.


Can I contribute to both a Simple IRA and a Traditional IRA?

No, you cannot contribute to both a Simple IRA and a Traditional IRA in the same year.


Can you have Both A Sep Ira and a Simple Ira?

Can you have both a Sep Ira and a Sep Ira?


Can I borrow money from my Simple IRA account?

No, you cannot borrow money from your Simple IRA account.


What kind of IRA accounts are there?

There are many kids of IRA accounts. Traditional IRA, ROTH IRA, SIMPLE IRA and a few more are the various kinds of different IRA accounts. Traditional IRA accounts are one of the more common IRA but are also the most basic and simple to use.


Can you have both a Simple Ira and Roth Ira?

Yes, the limitation does not apply between a SIMPLE IRA and a Roth/Traditional. However, because a SIMPLE IRA is a "qualified retirement plan" offered by your employer, you may not be able to get a traditional IRA deduction- all depends on your income situation.


What is the 2010 Simple IRA contribution limit?

2010 Simple limits will remain the same as in 2009. With the 2010 contribution limit now attached to a cost-of-living index, the Simple IRA limit will remain at $11,500. In addition to the above, 2010 simple IRA catch-up contributions are $2,500. Catch-up contributions are allowed to participants 50-years old and older to increase the level of contributions as they grow closer to retirement.


What has the author Jerome Ira Solkoff written?

Jerome Ira Solkoff has written: 'Florida elder law' -- subject(s): Legal status, laws, Older people


Is it possible for me to contribute to both a Simple IRA and a Traditional IRA in the same year?

No, you cannot contribute to both a Simple IRA and a Traditional IRA in the same year. You must choose one type of IRA to contribute to for that tax year.


Can anyone tell me what a simple ira rollover is?

A simple IRA rollover is after the two year limit of having it. You can roll it over into a different IRA or cash it out and use it for buying a home.


Is a simple IRA taxable?

Contributions to a SIMPLE IRA, or Savings Incentive Match Plans for Employees, are not taxable. Contributions made to an IRA are, in fact, tax deductible. There are limits on how much one can contribute to an IRA each year, and on how much one can deduct. Distributions from an IRA (whether Traditional or Simple), however, are indeed taxable.