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Just a couple of additional notes. If you set up a SIMPLE IRA plan for your new business, you will be able to transfer your old SIMPLE money into your new account without having to pay a penalty for moving the money before 2 years.

For my self-employment income, I determined that a SIMPLE IRA was a much better vehicle than a SEP or Keogh, because of the flat $6,000 limit and no % of income maximum I am able to contribute more than in other plans. [I pretty much ignored the Keogh because of its complexity and reporting requirements]

$50,000 is the pivot point between a SIMPLE Plan and a SEP. Assuming you are the only employee:

If you make less than $50,000 in (net) Self-Employment income you will be able to contribute more to a SIMPLE, and

If you make more than $50,000 in (net) Self-Employement income you will be able to contribute more to a SEP.

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