Jump to content

Simple IRA and Traditional IRA Contribution


Guest szaidman

Recommended Posts

Guest szaidman

A person who contributed to an employer Simple IRA but did not contribute the maximum before the employer terminated the plan, can he contribute to a traditional IRA to make up for that? If yes, how much can he contribute to the traditional IRA?

Link to comment
Share on other sites

It's the same answer whether the SIMPLE terminated or not, as long as any money was contributed. As an "active participant" in the SIMPLE plan for, I'm presuming, 2001, his regular IRA deduction is governed by the income limitations. (Joint, if married) He could, of course, make a non-deductible contribution to the regular IRA. But in general, assuming he qualifies, he'd be better off with a ROTH IRA rather than a traditional non-deductible.

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
×
×
  • Create New...