MR Posted March 24, 2002 Share Posted March 24, 2002 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 More sharing options...
Appleby Posted March 25, 2002 Share Posted March 25, 2002 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. Choatehttps://www.ataxplan.com/life-and-death-planning-for-retirement-benefits/ www.DeniseAppleby.com Link to comment Share on other sites More sharing options...
Gary Lesser Posted April 2, 2002 Share Posted April 2, 2002 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 More sharing options...
Recommended Posts
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 accountSign in
Already have an account? Sign in here.
Sign In Now