The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies


Subject:  Re: IRA and Simple IRA contributions Date:  1/23/2002  11:51 PM
Author:  pmarti Number:  57538 of 127616

DH and I expect to qualify for traditional tax-free IRAs this year and have already deposited $6500 (I'll be 50 this year) in our IRAs. Can we also contribute to our corporate Simple IRAs?

Yes. The SIMPLE is a retirement plan in addition to your IRA. Do remember that since you're covered by the SIMPLE, deductibility of your traditional IRA contributions is dependent on your AGI. See page 8 of Publication 590.

Phil Marti
VITA Volunteer
Copyright 1996-2018 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us