Jump to content

Contribution Limits to more than one SIMPLE IRA


MR
 Share

Recommended Posts

If I work for two unrelated companies, each of which has a SIMPLE IRA, am I still limited to $7,000 in total payroll deferrals? I know that the 402(g) limit applies if I participate in a SIMPLE IRA and a traditional 401(k) and that I'd be limited to $11,000, but I can't seem to find anything that specidically addresses the two SIMPLE IRA limit.

Link to comment
Share on other sites

You will be subjected to the 402(g) limit-- $11,000 for year 2002- between both plans.

The employer limits however, will be determined separately

Life and Death Planning for Retirement Benefits by Natalie B. Choate
https://www.ataxplan.com/life-and-death-planning-for-retirement-benefits/

www.DeniseAppleby.com

 

Link to comment
Share on other sites

See IRC Sec 402(g)(1), relating to the generall dollar limit of $11,000 for 2002 and requiring the individual to include in include amounts that exceed the dollar limit. IRC Sec 402(g)(3)(D) extends this limit to Simple plans. See, too, employee insructions on the back of Form W-2 (Copy C) for Box 13.

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
 Share

×
×
  • Create New...