Questions tagged [simple-ira]

Use this tag for questions about the SIMPLE IRA, an employer-sponsored retirement plan for small businesses. For questions about conventional IRAs, use the tag "ira" instead.

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2nd Job on W2 eligible for SEP-iRA?

I have a second job working on W2 as a contractor, am I eligible to invest in a sep-iRA? Both my first and second employer offer 401K's. How does this all effect my options for investing in a sep-iRA? ...
Inq_Invest's user avatar
2 votes
1 answer
61 views

What happens if I contribute to a SIMPLE IRA after I've already filed US taxes for that year?

I've already submitted my US tax return and received my refund for the 2019 tax year. However I just learned that the IRA contribution deadline was pushed back along with the tax deadline. Due to ...
David Gay's user avatar
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4 votes
1 answer
164 views

Is Fidelity an IRS approved custodian?

My employer offers a Simple IRA match. The plan they've set up allows me to select the financial institution that will serve as trustee or custodian1. I see many references to Fidelity in my ...
Lorem Ipsum's user avatar
1 vote
1 answer
91 views

Tax consequence of 100% profit deferral to solo 401k contribution

My yearly maximum contribution to solo 401k is $6000 after $13000 contribution to Simple IRA on W2 position. This year I expect to earn less than $6000 from the side job. Can I contribute all profits ...
soodala2k's user avatar
1 vote
0 answers
57 views

Can an individual contribute to a SIMPLE IRA if he doesn’t work for that employer anymore?

Can an individual contribute to a SIMPLE IRA if he has left that employer and his new employer doesn’t have a retirement plan?
Steve's user avatar
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3 votes
0 answers
77 views

Can You Receive Both a Simple IRA and SEP IRA?

I am the employee of two companies. At one company, I receive a SEP IRA. I know that SEP IRAs are not included in the standard annual elective deferral limit. At the second company, I have the ...
Lloyd Banks's user avatar
6 votes
1 answer
3k views

Can I make a lump-sum contribution to a SIMPLE IRA?

My employer offers a SIMPLE IRA plan to which I can contribute 3% of my salary. My employer contributes a 3% match. The employee contribution limit of $12,500 is far higher than the 3% amount I will ...
thirtythreeforty's user avatar
2 votes
3 answers
275 views

Roth or Traditional IRA?

Here's the short and quick: I am 35, plan to work for 30 more years. Will most likely stay in 25% tax bracket, even after retirement. I can contribute around $460 per month currently into an IRA. My ...
jeff's user avatar
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1 vote
1 answer
2k views

What are my options for leaving a job with a Simple IRA within the 2-year period?

I have a Simple IRA through my employer that currently has ~$3,000 in it. While this account was opened over two years ago, my understanding is that the 2-year period for SIMPLEs starts with the first ...
justastringofcharacters's user avatar
1 vote
1 answer
56 views

Defined Contribution Plan - Are IRA Contributions Included in the Yearly Elective Deferral Limits?

I am under the assumption that the elective deferral limit for defined contribution plans (including Simple IRAs and 401ks) is $18,000. IRAs have a separate $5,500 limit. Does the $18,000 limit ...
Lloyd Banks's user avatar
2 votes
1 answer
283 views

Can funds from a SIMPLE IRA be rolled over to a new custodian while still keeping the original account?

I contribute to a SIMPLE IRA through my employer. However, I am currently unhappy with my investment choices there. Is it possible to roll over some of the funds from my SIMPLE IRA to another vendor,...
Ben Miller's user avatar
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3 votes
2 answers
227 views

SIMPLE-IRA - Can multiple S-Corporations contribute to the same account?

I recently set up a SIMPLE-IRA account at an online brokerage. I have two S-Corps that pay out SIMPLE-IRAs to its employees. Can I distribute money from both S-Corps to the same SIMPLE-IRA account ...
Lloyd Banks's user avatar
2 votes
2 answers
92 views

Medical Bills and IRA Distributions

From my research I think we have unknowingly and accidentally screwed ourselves here, but I would like to ask to confirm. Oct 2015: Our son needed emergency surgery when we were traveling in Panama ...
swimex's user avatar
  • 93
1 vote
0 answers
47 views

Do matching contributions under SIMPLE IRA apply to IRS 93-27 and 2001-43 distributions

A SIMPLE IRA is set up which includes 3% matching contributions. An employee receives money through payments which are under IRS 93-27 and 2001-43 guidelines. The payments are sort of like owning ...
William Entriken's user avatar
2 votes
1 answer
331 views

How can I make a SIMPLE IRA employee contribution for 2014 in March 2015?

I work at a startup of two people. We have a SIMPLE-IRA retirement plan where we each contribute a fixed amount of money per paycheck to said account. Additionally the company matches dollar for ...
Doov's user avatar
  • 193
6 votes
5 answers
1k views

Where do I invest my Roth IRA besides stock market and mutual funds?

I'm 25, I've invested most of my Roth IRA in the stock market, and have recently moved money to a peer to peer lending account for better compound interest returns. Where else should I consider ...
westonplatter's user avatar
0 votes
1 answer
130 views

Simple IRA Non-elective Contributions and Maximum 401k Employee contributions?

Person is an employee and is self-employed. Person has maxed out annual 401k contributions at employer's company. Can this person receive Simple IRA 2% annual nonelective contributions from second ...
Peach12's user avatar
1 vote
1 answer
2k views

Penalties for cashing out on a SIMPLE IRA early

I want to know what are the penalties that an individual will face if they withdraw on a SIMPLE IRA outside of a hardship distribution? (Additionally) I noticed in another post someone mentioned a '2-...
Anthony Miller's user avatar
8 votes
3 answers
32k views

If I have a Simple IRA can I also contribute to a Traditional IRA and/or Roth IRA?

I have a Traditional IRA and a Roth IRA. This year my company introduced a Simple IRA. As long the contributions to the Traditional+Roth are below the yearly limit, can I contribute to all three ...
brian's user avatar
  • 183
11 votes
3 answers
223 views

Matching but no investing, or investing but no matching?

(This is a simplified version of an earlier question I posted - I want to try to get back to basics so I can understand the principles involved in my decision) Given the following two options: ...
user avatar
9 votes
1 answer
4k views

Options for a Simple IRA when leaving a job: Leave as is or roll it over?

I currently have a Roth IRA that I max out every year. My current company had Simple IRA and contributed 2% of my salary and I contributed 6000 a year. Now I am leaving the company and was hired by ...
Web's user avatar
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