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New Member
posted Mar 4, 2024 10:25:04 AM

How do I determine if an IRA withdrawal is a SIMPLE IRA with more than two years participation?

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Expert Alumni
Mar 4, 2024 10:58:16 AM

A SIMPLE IRA plan (Savings Incentive Match PLan for Employees) allows employees and employers to contribute to traditional IRAs set up for employees. It is ideally suited as a start-up retirement savings plan for small employers not currently sponsoring a retirement plan.  To have a SIMPLE IRA, it would have to have been part of an employer retirement plan.   If you have an IRA that was originally part of a retirement plan from a small employer, it could be a SIMPLE IRA; otherwise it  is not.  Your account statement should indicate if it was a SIMPLE.