Solved: Can I contribute to a Simple IRA for 2016 if I just opened it March 2017?
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
tomy1056
New Member

Can I contribute to a Simple IRA for 2016 if I just opened it March 2017?

 
1 Best answer

Accepted Solutions
dmertz
Level 15

Can I contribute to a Simple IRA for 2016 if I just opened it March 2017?

No.  To receive a contribution for 2016, the SIMPLE IRA had to be established by October 1, 2016 (or, if you business came into existence after October 1, as soon as administratively feasible before the end of 2016).

Your only option for establishing a retirement plan after the end of 2016 to receive a self-employed retirement contribution for 2016 is a SEP plan.

View solution in original post

1 Reply
dmertz
Level 15

Can I contribute to a Simple IRA for 2016 if I just opened it March 2017?

No.  To receive a contribution for 2016, the SIMPLE IRA had to be established by October 1, 2016 (or, if you business came into existence after October 1, as soon as administratively feasible before the end of 2016).

Your only option for establishing a retirement plan after the end of 2016 to receive a self-employed retirement contribution for 2016 is a SEP plan.

View solution in original post

Dynamic AdsDynamic Ads
v
Privacy Settings