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%.

The plan must be established and the contributions completed by the employer's tax-filing due date, usually by April 15 following the tax year for which the deduction is taken. See similar questions...

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 See similar questions...

Yes you can but the two plans are treated as one for purposes of determining your maximum contribution limits. Since the Solo 401k allows for greater deductions on less income, having both may not make the most sense. Further, according to Mr. Boldragini ID#31-08350 of the IRS if you want to have both a SEP-IRA and a Solo 401k, you may not contribute to both in a given tax year unless you used a plan document other than the IRS model document for the SEP-IRA (i.e. IRS Form "5305-SEP"). See similar questions...

A SEP can be set up for a year as late as the due date (including extensions) of the business's income tax return for that year. See similar questions...

A SEP allows a self-employed person to contribute more to a retirement account than the current limits on 401(k) and IRA. For a sole-proprietor, the maximum contribution is 20% of net operating income, up to $45,000. If a small business owner allocates a specific amount of cash flow to salaries, the maximum SEP contribution is 25% of compensation, up to $45,000. There is no upper age limit on participation in a SEP. 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...

Generally speaking, you are eligible for a SIMPLE-IRA as long as your business has fewer than 100 employees earning $5,000 or more in the preceding year. As you grow, other retirement plans may become more appropriate. Please contact a Fidelity Retirement Specialist at 800-544-5373 for more information. See similar questions...

When you open a Rollover IRA to receive a qualified distribution, you can defer any current tax liability on that distribution and your funds can continue to grow on a tax-deferred basis until you withdraw them. Morgan Stanley and its Financial Advisors do not offer tax advice. Individuals should consult their personal tax advisor before making any tax-related investment decisions. Branch Locator | Site Map | Privacy | Terms of Use | Disclosures | Morgan Stanley DW Inc. See similar questions...

SEP stands for "Student Education Plan." For more information, please contact the Department of Counseling at 510-436-2475. See similar questions...

If a prototype plan was used, the employer should have received an amended plan from the financial institution that provided it with the plan. If for some reason the employer didn't receive a new plan document, the financial institution should be contacted. While the financial institution provides many administrative services for the plan, it is the responsibility of the employer - the plan sponsor - to ensure that the plan is kept up-to-date with current law. See similar questions...

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

Contributions must be made for each eligible employee in a SEP, even if over age 70 1/2. Such an employee must take minimum distributions, however. No, contributions are not required to be made every year, but in years contributions are made to the SEP, they must be made to the SEP-IRAs of all eligible employees. A SEP cannot have a last-day-of-the-year employment requirement. If the employee is otherwise eligible, they must share in any SEP 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...

Completed IRA Adoption Agreement. When applying on-line, this form is automatically incorporated into your application. See similar questions...

Even though the money owed to you and/or your IRA represents a claim in a bankruptcy estate, the IRS provides different tax treatment for IRA investments and/or distributions from such IRA investments. It is critical that you identify your claim as IRA investment if your investment was originally recorded as an IRA contribution. See similar questions...

If you have been covered by your employer's retirement plan and are about to receive a qualified distribution from that plan, you may be eligible to establish a Rollover IRA. You may establish a Rollover IRA at any age. 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...