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I contribute 3% of my pay to a employer sponsored IRA with a major financial institution. My employer contributes 3%. Can I count what my employer submits?
Additionally, the amounts contributed by both me and my employer are transferred into an allowed money market account in my name and is then transferred to another financial institution, also Simple IRA and is funding that IRA. No penalties are imposed because it stays within the confines of a Simple IRA.
Can I then account for all of that transferred to that institution for tax purposes? Hope this makes sense.
Can I then account for all of that transferred to that institution for tax purposes? Hope this makes sense.
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March 8, 2021
2:47 AM