Guest Jolanda Posted November 15, 1999 Share Posted November 15, 1999 I'm a sole proprietor and my objective is to contribute as much as possible to my retirement savings. As my income fluctuates annually, one year the $6000 max of the SIMPLE would do, but another year my income would exceed $46K and a SEP would work better. Three questions: 1. Can I have both a SIMPLE and SEP IRA and depending on my income that year contribute to one of them? 2. Are there minimum annual contribution requirements for SIMPLE or SEP-IRA? 3. To throw in another IRA: can you have both a Roth-IRA and SIMPLE/SEP? Thanks for your help! Link to comment Share on other sites More sharing options...
Gary Lesser Posted November 15, 1999 Share Posted November 15, 1999 1. Arguably the arrangement could fly under IRC 408(p)(2)(D). [i MAY ALSO LIKE TO THINK ABOUT THIS SOME MORE; PERHAPS OTHERS WILL RESPOND TOO] All rules, notices, and so on for both plan would have to be followed / made. There cd be several problems if non-owner employee's were involved. 2. All elections for the SIMPLE wd have to be in place by December 31. No minimums in a SEP, can be avoided in a SIMPLE. 3. Yes. Link to comment Share on other sites More sharing options...
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