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#1
10-11-2004, 04:02 AM
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 Re: SIMPLE IRA "LKYPon" <lkypon[at]aol.com> wrote: - quote - > Hopefully a simple question about a SIMPLE IRA.
No SIMPLE plan if you already maxed a 401(k). The> Client is employed and maxes out her 401(k). > She also has a Schedule C that netted $23K. > Can she contribute to a SIMPLE? > I assume there is no restriction like a SEP. limitation for 401(k) deferrals includes SIMPLE deferrals. If you max a 401(k), you max a SIMPLE. -- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062 www.woods-financial.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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10-11-2004, 03:23 AM
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| Re: SIMPLE IRA lkypon[at]aol.com (LKYPon) writes: - quote - > Hopefully a simple question about a SIMPLE IRA.
There is also no business like show business. Ba da boom!> Client is employed and maxes out her 401(k). > She also has a Schedule C that netted $23K. > Can she contribute to a SIMPLE? > I assume there is no restriction like a SEP. Whether she can make SIMPLE contributions depends in large part on what you mean by "maxing out" her 401(k). There is an overall dollar limit on salary deferrals, and both the 401(k) and the SIMPLE are salary deferrals. If she's reached the limit in 401(k) contributions she cannot make SIMPLE contributions. She could, however, make SEP contributions. See IRS Publications 560 and 590. Phil Marti Clarksburg, MD << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
10-08-2004, 04:40 PM
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| SIMPLE IRA Hi all, Hopefully a simple question about a SIMPLE IRA. Client is employed and maxes out her 401(k). She also has a Schedule C that netted $23K. Can she contribute to a SIMPLE? I assume there is no restriction like a SEP. Cheers, Larry << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| ira, simple |
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