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New Member
posted Mar 1, 2025 12:30:15 PM

A traditional IRA is not the same as a simple correct?

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2 Replies
Expert Alumni
Mar 1, 2025 12:48:08 PM

Correct, a Traditional IRA and a Simple IRA are not the same type of account.  

 

Take a look at the information in the following IRS link to learn more about each type of account:

 

Types of retirement plans
 

Level 15
Mar 1, 2025 2:01:20 PM

A SIMPLE IRA is one of the several types of traditional IRAs.  Your IRA account statement will indicate whether the particular IRA in question is a SIMPLE IRA.