The deadline for SIMPLE contributions is the tax filing deadline of the company, including extensions. For a previous year contribution, the SIMPLE plan must have been established by October 1 of the year for which the contribution is being made. For Agents and Brokers | Insurance Forums | About Us | Privacy/Legal | Contact Us | Site Map | Site Menu

The final deadline for making prior year IRA contributions is typically April 15. For example, a contribution for tax year 2007 may be made up until April 15, 2008. See similar questions...

Salary deferral contributions may be made up to 100% of compensation (not to exceed $10,000 for 2006 and $10,500 for 2007 for investors under age 50, $12,500 for 2006 and $13,000 for 2007 for investors age 50 and over). Match employee contributions dollar for dollar up to 3% of compensation to a maximum $10,000 for the 2006 plan year and $10,500 for the 2007 plan year, $12,500 for investors 50 years old or older in 2006 and $13,000 in 2007. See similar questions...

Employers having 100 employees or less and who do not maintain another retirement plan are eligible to establish a SIMPLE IRA. For more information on "eligible employees", reference IRS Publication 590 or IRS Publication 560. See similar questions...

For the Traditional and Roth IRAs and the CESAs, the contributions can be made up to the tax-filing deadline, generally April 15th. So even if your income is indefinite, you can still contribute up through tax deadline the following year. Telhio offers both free payroll deduction and direct deposit services to make contributing to your IRA on a regular basis easy and hassle-free. See similar questions...

IRAs for a taxable year can be opened and funded any time between the first day of a tax year and the date a tax return is due for that year, excluding extensions. For most taxpayers, this due date is April 15 of the following year. See similar questions...

If you are single and have compensation from employment or earned income from self-employment and your modified adjusted gross income (MAGI) is less than $95,000, you can make the maximum annual contribution, regardless of your age; if your MAGI is more than $95,000 but less than $110,000, you can make a partial contribution. See similar questions...

No, but the employee participant may convert the SEP IRA into a Roth and pay the tax due on the conversion. See similar questions...

The deadline for employer SEP contributions is the tax filing deadline of the company, including extensions. See similar questions...

The basic investment vehicle for each of these plans is an IRA, and the investment restrictions apply equally to all types of IRAs. See similar questions...

Your SIMPLE-IRA account may buy or exchange any fund as long as the minimum initial and subsequent investment limits are met. To be eligible for ongoing SIMPLE-IRA salary deferrals or employer contributions, however, a fund must waive the investment minimums for SIMPLE-IRA customers. See a list of eligible Fidelity Funds and no load and no transaction fee funds from other well known fund companies. See similar questions...

You may be able to transfer your IRA balance into your new plan if the new plan accepts rollovers from IRAs. Before rolling your money into a new plan, you should compare the plan’s investment options and withdrawal rules with those of your IRA. You may give up some flexibility or face stricter requirements if you make the move. See similar questions...

There are no prohibitions on distributions from IRA-based plans. A participant can take distributions at any time. However, in addition to the distribution being taxable, it may be subject to a 10% additional tax if the participant has not reached age 59 1/2. If the distribution is taken in the first 2 years of participation in a SIMPLE IRA plan, the additional tax is increased to 25%. See similar questions...

A Roth IRA conversion can be done at any time before the end of the year. Do not confuse the Roth IRA April 15 of the following year contribution deadline with the December 31 Roth IRA conversion deadline. No. Because SEP and SIMPLE IRAs are already IRAs, you can convert them directly to a Roth IRA. However, for a Simple IRA, you must hold your Simple IRA account for at least 2 years before converting it to a Roth IRA. See similar questions...

Contributions for the taxable year can be made in one or more payments, at any time prior to the time for filing the eligible individual’s federal income tax return for that year (without extensions). This is generally April 15. Although the annual contribution is determined monthly, the maximum contribution may be made on the first day of the year. A married couple can make two catch-up contributions, as long as both spouses are at least age 55. See similar questions...

The employer contributions of profit sharing and matching should be deposited by the due date of the employer’s corporate return. If the employer has filed for an extension, the employer automatically receives an extension for depositing the employer contributions as well. For a calendar year plan the contributions will be due by March 15th. However if the employer files for an extension, the employer contributions will be due by September 15th. See similar questions...

Yes. A spouse who does not earn income but who files a joint federal income tax return can contribute up to $4,000 ($4,500 if you are age 50 or older in 2005 and $5,000 if you are age 50 or older in 2006) to a Roth IRA based on the earned income of the joint filer and the MAGI on the joint return. These contributions are not deductible from current taxes. See similar questions...

No you may not. Because SIMPLE plans often have exclusive plan rules, they are generally not allowed alongside a Solo 401k. However, you can easily terminate your SIMPLE plan and start and contribute to a Solo 401k for this year. Here is where you can find information about SIMPLE plans and how the IRS says to terminate the SIMPLE. http://www.irs.gov/retirement/article/0,,id=111420,00. See similar questions...

quot;After the two year period, amounts in a SIMPLE IRA can be rolled over or transferred tax free to an IRA other than a SIMPLE IRA, or to a qualified plan, a tax sheltered annuity plan (Section 403(b), or deferred compensation plan of a state or local government." (emphasis added). Since a Solo 401k plan is a "qualified plan", so yes you can roll a SIMPLE IRA into a SOLO 401k after two years. See similar questions...

Sole proprietors can download and complete a SIMPLE-IRA account application and include that along with their plan documents. For plans with multiple participants, Fidelity will mail employee enrollment kits to you upon receipt of the plan documents. Additional enrollment kits may be ordered from a Fidelity Retirement Specialist by calling 800-544-5373. See similar questions...