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Retirement tax questions
Unless the IRA was setup as part of a small business plan, you have neither a SEP or Simple. Only an employer (or the self-employed) can contribute to a SEP. A Simple IRA is for very small business and has less rules that employers need to deal with. (Vesting, etc.). Business do SEP and Simples because they may get credits for them and the allowed contribution amounts are much larger than individual IRAs.
So if you were/are not self-employed (schedule C business) and you setup the Fidelity Roth yourself without an employer's involvement or contributions, then you do not have a SEP or Simple. Just a regular Roth IRA.
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March 17, 2024
5:55 AM