I've been looking into retirement plans for my self employed daughter. She is self employed part time and makes about 12000-15000 per year. I've become interested in the SIMPLE plan because as I read it you can put in 6000 regardless of the amount of money you earn. The other plans Keough, SEP-IRA seem to allow you only a percentage-- although they allow a bigger maximum. My questions?
1. Can you have a SIMPLE plan even if you have no employees?
2. Can you put in 6000 regardless of your self employed earnings? If total earning were 6000 could you use it all?
3. Can you put in more than 6000 by claiming a 3% match on earnings? Thus if you earned 12000 would you be able to put in 6360 (6000 + 3% of 12000)?
4. If I read right I missed 2000 because it had to be set up by October. Is that correct?
5. Could I set up a SEP-IRA for 2000 and then a SIMPLE in 2001?

Thanks for your help
Ed Conway