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What are the 2 ways the law regulates contributions to a simple IRA?
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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.
Can you roll SEP into a Simple IRA?
A SIMPLE IRA plan provides small employers with a simplified method to contribute toward their employees' and their own retirement savings. Employees may choose to make salary reduction contributions and the employer is required to make either matching or nonelective contributions. Contributions are made to an Individual Retirement Account or Annuity (IRA) set up for each employee (a SIMPLE IRA).
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 federal agency regulates an IRA?
erisa?
Can non-deductible IRA contributions be made to a Rollover IRA?
no
Where can you find more information about IRA contributions?
Your company should offer you information about IRA contributions. Contact your human resource department or accounting department for a packet of information detailing what IRA contributions are available to you.
What are the Roth IRA guidelines?
The Roth IRA guidelines are guidelines that apply to a particular sort of IRA. For example, you cannot deduct contributions to a Roth IRA and you can make contributions after reaching the age of seventy and a half.
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.
Can you roll a traditional IRA into a simple IRA?
A Savings Incentive Match Plan for Employees individual retirement account, or SIMPLE IRA, allows small business owners to set up a retirement plan for employees without the paperwork involved in establishing a 401k plan. It's possible to make contributions to a SIMPLE IRA, traditional IRA and a Roth IRA at the same time, although it's not always wise to do so.
When are contributions made into IRA accounts?
You can make contributions any time during your tax year to an IRA account. Total IRA contributions for the tax year may not exceed your taxable income or $5,000 ($6,500 if over 50).
Nondeductible contributions for a roth IRA?
What's your question? It looks like you already know you cannot deduct anything for contributions to a Roth IRA.
Can deductible contributions be made to a rollover IRA?
no
