topic Simple IRA in Retirement tax questions

Simple IRA

Navynacho — Mon, 06 Apr 2020 02:23:29 GMT

Can I make an extra contribution, by April 15 to a Simple IRA to reduce taxes owed or is that with only Traditional and Roth IRAs?

Re: Simple IRA

KrisD15 — Mon, 06 Apr 2020 02:49:42 GMT

Yes, in fact you would have until July 15th, 2020, but you should contact your employer's payroll or Human Resource department so that they can designate the contributions as prior year.

Extension for contributions

Simple IRA contributions

Re: Simple IRA

dmertz — Mon, 06 Apr 2020 11:26:39 GMT

Are you self-employed? If not, no, you are not permitted to now make additional contributions to the plan for 2019. You are also not permitted to make regular personal IRA contributions to a SIMPLE IRA account. For regular personal contributions you can open a separate IRA account.

Even if you are self-employed, you were required by December 31, 2019 to make your election for any salary deferrals. Your required employer contribution for 2019 is determined by the requirements of the plan agreement established by October 1, 2018 or the date of establishment of the SIMPLE plan, whichever was later, the amount of your salary deferrals and the amount of your net earnings from self-employment.