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SIMPLE IRA for Partnership


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Partnership adopted SIMPLE IRA (prototype) in April, 2001. Effective date of the SIMPLE IRA was January 1, 2001. Deferrals began in April.

Question: With respect to calculating the 3% match, do we use compensation for the whole year or do we use only compensation from April thru December?

QPA, QKA

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I work for a financial institution which has a SIMPLE IRA document that defines compensation as for the whole year. However, I believe this is true of any SIMPLE IRA document.

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