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Subject:  SIMPLE IRA question Date:  4/5/1999  5:37 PM
Author:  contr315 Number:  13751 of 127611

I have a side-line corporation that will make about 20K-25K this year. I also work full-time for another company and have a 401k plan that I contribute 15% of my income to. I also normally put 2k in a traditional IRA (since my income takes me out of the ROTH tax brackets). It's my understanding that I can put 6k/year into a SIMPLE IRA through my corporation. I have two questions. First, am I allowed to have a SIMPLE IRA even though I have these other retirement accounts? Second, if I have three corps, can I setup SIMPLE IRA's and put in 6k/year for each corporation. For example, let's say each of my three corporations makes 7k/year. Can I put 6k into three different SIMPLE IRA's totally 18K of total contribution for myself?

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