mjf06241972 Posted November 10, 2020 Posted November 10, 2020 Is there a compensation limit on a Simple Plan for calcuation purposes? Is it the same as 401k Plan? Thank you.
Lou S. Posted November 10, 2020 Posted November 10, 2020 Simple 401(k) or Simple IRA? Matching Simple or Non-elective simple? If it's a SIMPLE-IRA the IRS FAQ may be helpful to you. https://www.irs.gov/retirement-plans/simple-ira-plan-faqs-contributions
mjf06241972 Posted November 10, 2020 Author Posted November 10, 2020 Simple IRA. Thanks for link. That answer's question.
austin3515 Posted November 12, 2020 Posted November 12, 2020 The same comp limit applies for the nonelective. There is no comp limit on the match. But the most match you can possibly get of course is equal to the SIMPLE IRA max contribution limit ($13,500 / $16,500) because its a dollar for dollar match, Luke Bailey 1 Austin Powers, CPA, QPA, ERPA
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