Retirement Plan Relationship Manager ERISA Services, Inc.
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Carpenter Morse Group
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Retirement Plan Legal Specialist Pentegra
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Defined Benefit Calculation Specialist/Actuary The Angell Pension Group, Inc.
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Trucker Huss, A Professional Corporation
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Bates & Company
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Central Pension Fund of the IUOE
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Retirement, LLC
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Compass Retirement Consulting Group, Inc.
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Jr Retirement Plan Administrator/ Administrative Assistant Hochheiser Deutsch & Co, Inc.
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United 401(k) Plans, Inc.
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Nicholas Pension Consultants
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Nova 401(k) Associates
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Prime Pensions, Inc.
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Central Pension Fund of the IUOE
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Question 35: A is 100% owner of two S corps and would like to establish SIMPLE IRAs for both. Can A defer up to $6,000 in each SIMPLE IRA? Also, would his dollar-for-dollar matching contribution be based on his combined income (up to maximum of $200,000) from both S corps? |
Answer: Here's someone who wants to have his cake and eat it too! He wants to combine the businesses to compute compensation but split them for the deduction limits. |
Answers are provided as general guidance on the subjects covered in the question and are not provided as legal advice to the questioner or to readers. Any legal issues should be reviewed by your legal counsel to apply the law to the particular facts of this and similar situations.
The law in this area changes frequently. Answers are believed to be correct as of the posting dates shown. The completeness or accuracy of a particular answer may be affected by changes in the law (statutes, regulations, rulings, court decisions, etc.) that occur after the date on which a particular Q&A is posted.
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