Bob Brinker's Marketimer

  Sunday January 21, 2018

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ELIGIBILITY REQUIREMENTS FOR SIMPLE IRAS
Learn even more about this topic with the Encyclopedia of Personal Finance™

Employees (including self-employed individuals who received earned income) must be allowed to participate in their employer's SIMPLE plan if they:

? Received at least $5,000 in compensation from the employer during any 2 years prior to the current year, and

? Are reasonably expected to receive at least $5,000 in compensation during the calendar year for which contributions are made.

An employer may exclude from eligibility the following:

? Employees whose retirement benefits are covered by a union contract.

? Employees who are nonresident aliens and received no earned income from sources within the United States.

? Employees who would not have been eligible employees if an acquisition, disposition, or similar transaction had not occurred during the year.

The last IRA we will study is another one to which employers contribute?the simplified employee pension IRA, or SEP-IRA.




LEARN EVEN MORE WITH THE ENCYCLOPEDIA OF PERSONAL FINANCE. CLICK HERE!

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