SIMPLE IRA | Ed Slott and Company, LLC

SIMPLE IRA

Congress Makes SIMPLE IRA Plans Less SIMPLE

Wednesday, December 06, 2023
SIMPLE IRA plans are a popular retirement savings option for small businesses. The plans are available for companies with 100 or fewer employees who received at least $5,000 in pay from the company in the prior year. SIMPLE IRAs are designed to be administratively easier than 401(k) plans. Businesses can establish a SIMPLE by completing a model IRS form (either Form 5305-SIMPLE or 5304 SIMPLE) and can make contributions directly to employees’ IRAs.
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RMDs When Your IRA Investments Are Not Liquid

Monday, November 13, 2023
You may have noticed grocery stores stocking up for Thanksgiving, and festive lights and displays going up everywhere. Yes, it is the holiday season, but it is also the season to take required minimum distributions (RMDs). One question we have been getting a lot this year involves RMDs when IRA investments are not liquid.
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The Still-Working Exception: Today's Slott Report Mailbag

Thursday, October 26, 2023
Question: We had a client who was 80 years old and still working when he died. He did not own more than 5% of the company. As such, he was not taking required minimum distributions (RMDs) from the plan at his death. Our client named his son as his sole beneficiary.
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SIMPLE IRA RMDs AND YEAR-OF-DEATH RMDs: TODAY’s SLOTT REPORT MAILBAG

Thursday, June 01, 2023
Question: If a 76-year-old is working full time and has a SIMPLE IRA and she does not own any of the company that sponsors the SIMPLE IRA, does she still have to take a RMD (required minimum distribution) from her SIMPLE IRA?
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Inherited IRAs and SIMPLE IRA Creditor Protection: Today's Slott Report Mailbag

Thursday, May 25, 2023
Question: In 2021, my wife inherited an IRA from her sister who was 4 years younger. My wife therefore is an EDB (eligible designated beneficiary). Her sister was 66 years old at date of death. My wife has been taking RMDs based on her own age. What happens when my wife dies? Do all the following beneficiaries have 10 years to deplete the inherited IRA? Are there RMDs that need to be taken each year for those beneficiaries? If so, is the RMD based on the factor that my wife was using?
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Roth-O-Mania!

Monday, January 23, 2023
SECURE 2.0 is now the law of the land and one thing is very clear. Roth-O-Mania is here! In their quest for more revenue, Congress has created more options to save with Roth accounts. These accounts bring in the immediate revenue that Congress desperately needs. For retirement savers, these Roth options offer the promise of potential tax-free earnings and withdrawals down the road.
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Required Minimum Distributions and SIMPLE IRAs: Today's Slott Report Mailbag

Thursday, December 29, 2022
QUESTION: I have an inherited IRA from my father. He was born 9-27-1927 and died 7-19-2019 at age 91. I was born 12-13-1952 and my age is 70. Two on-line calculators offered by brokerages show the factor this year (2022) to be 18.4 on my inherited IRA from my father. I cannot verify that factor on any of the IRS tables. Could you copy me or direct me to the correct table? Many thanks, Jim
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Big Increase in Many 2023 Retirement Plan Contribution Limits

Monday, December 12, 2022
The IRS has announced the retirement contribution limits for 2023. Because many of these limits are tied to inflation, it shouldn’t come as a surprise that some of the limits had a big jump. Here’s a summary:
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Is it Too Late to Open Up a Small Business Retirement Plan for 2021?

Wednesday, January 12, 2022
As we move into 2022, small business owners may be wondering whether they still have time to establish a new retirement plan for 2021. The short answer is: “It depends.” There are several retirement plan options especially designed for small business owners, including the self-employed. These include SEP IRAs, SIMPLE IRAs and Solo 401(k)s. All three can be opened up and maintained easily and inexpensively, and all allow tax-deductible contributions that can be significantly higher than the IRA contribution limit.
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SIMPLE IRAs and IRA Contributions: Today's Slott Report Mailbag

Thursday, March 18, 2021
Question: Hi, I found you by searching to find out if we can offer two SIMPLE IRA options for our employees. I don't know if that is something permitted. The idea is to have a cryptocurrency option set up as a SIMPLE in addition to the SIMPLE we already have in place. I'm reaching out in the hopes someone can help me with a definitive answer. I have spoken with our CPA, however, he was not sure. Thank you for any help you can provide.
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