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SIMPLE IRA App Booklet 2006 PART-1:SIMPLE IRA App Booklet 2006 1/8/2008 1:56 AM Page 1 BNY/Y45040 F07/SIMPLE IRA App Booklet/Clean/Page 1 of 28/Tuesday January 08 2008 SIMPLE IRA A P P L I C A T I.

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Once you reach age 59½, you can withdraw funds from your Traditional IRA without restrictions or penalties.

To participate in a SIMPLE IRA, employees must have earned at least $5,000 in compensation in any two previous calendar years and be expected to earn at least $5,000 in the current year.

Employee SIMPLE IRA Contribution Limits for 2023 An employee cannot contribute more than $15,500 in 2023 ($14,000 in 2022) to a SIMPLE IRA. Employees age 50 or over can contribute an extra $3,500 as a catch-up contribution in 2023 ($3,000 in 2022).

The amount of the additional tax you have to pay increases from 10% to 25% if you make the withdrawal within 2 years from when you first participated in your employer's SIMPLE IRA plan.

We offer three types of investment accounts: Individual Investment Accounts, Joint Investment Accounts and Individual Retirement Accounts (IRAs). What types of retirement accounts are available?

After the 2-year period, you can make tax-free rollovers from SIMPLE IRAs to other types of non- Roth IRAs, or to an employer-sponsored retirement plan. You can also roll over money into a Roth IRA after the 2-year period, but must include any untaxed money rolled over in your income.

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.

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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
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
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