Simple IRA
What is the maximum % or $ that one can contribute in 2014 to a simple IRA while still working at age 68 beyond the $6500?
What is the maximum % or $ that one can contribute in 2014 to a simple IRA while still working at age 68 beyond the $6500?
Permalink Submitted by Alan - IRA critic on Mon, 2014-04-14 04:28
The max dollar limit is 12,000 (basic) plus 2,500 catch up for those age 50+. The 6,500 Roth or TIRA limit is not applicable to SIMPLE IRAs. The employee can chose their own % limit, but cannot exceed the dollar limits. If employee also defers to a 401k or similar plan, a 17,500 overall limit combined between the SIMPLE and qualified plan elective deferrals applies.