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Simple Ira

A simple IRA is designed for small business owners that want to have a very easy way to make contributions to an employees IRA plan while also receiving corresponding tax deductions. In its most basic form the employee decides how much to have withdrawn for a simple IRA and the business then matches or makes what are known as nonelective contributions. The same plan can also be used for a small business owner to set up his or her own simple IRA. Simple IRA plans need to be set up according to the guidelines outlined by the IRS which designate a specific financial institute for the contributions to be made, then each employee will determined where their specific contributions go from that initial deposit. This type of plan is set up on a calendar year basis, not a fiscal basis, so it does require some additional action by the employer to prepare for the January 1st deadline each year.

Fast Facts

  • Simple IRAs can only be used by companies or businesses that employ less than 100 people.
  • Employees have made $5000 in two past calendar years or are expected to make $5000 or more in this calendar year must be included in a Simple IRA if one is established by the employer.

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