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Click here to clear form SIMPLE IRA Application Complete this application to establish a Wells?Fargo Advantage Funds? SIMPLE IRA. If you have questions, call 1-800-222-8222, 24 hours a day, 7 days.

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Key Takeaways. Traditional IRAs are set up by individuals, while SIMPLE IRAs are set up by small business owners for employees and for themselves. Traditional IRA contributions are made by the individual only, but SIMPLE IRA contributions can be from both an employee and an employer.

What Are the Pros and Cons of a SIMPLE IRA? More flexibility and more options. ... Easier and less expensive to set up and operate. ... Plenty of tax advantages. ... There's no Roth option for SIMPLE IRAs. ... Lower contribution limits. ... Beware of steep withdrawal penalties.

The main benefit of a SIMPLE IRA is the lower cost of setup and administration. If a SIMPLE IRA meets the needs of your employees, it's a much better choice than a 401(k). But if you need more flexibility and higher contribution limits, a 401(k) is worth the expense.

Are There Downsides to SIMPLE IRAs and SEPs? Employee limitations. SIMPLE IRAs can only be implemented at companies with 100 or fewer employees. ... Total annual contribution limits. ... Lower contribution limits than a 401(k). ... Mandatory employer contributions. ... No loans or Roth contributions.

There are three steps to establishing a SIMPLE IRA plan. Execute a written agreement to provide benefits to all eligible employees. Give employees certain information about the agreement. Set up an IRA account for each employee.

A SIMPLE IRA may be appropriate for businesses with 100 or fewer employees seeking a low-cost plan that's easy to administer and maintain. If you are self-employed or own a business with 100 or fewer employees, you are eligible to establish a SIMPLE IRA plan, as long as it is the only retirement plan you fund.

With a SIMPLE IRA, you and your employees can put a percentage of pay aside for retirement. The money will grow tax-deferred until it's withdrawn at retirement. So, you won't have to pay taxes on your investment growth, but you will have to pay income taxes when you take out money.

CD (Time Account) and Savings Account IRAs are available through Wells Fargo Bank, N.A. Deposit products offered by Wells Fargo Bank, N.A. Member FDIC.

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© Copyright 1997-2025
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
Content Takedown Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232