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Thank you all for the advice and caveats. That 2 year limit Phil mentioned is the catch I was looking for. I think I am still going to do it though.

Yes, it is like the Roth 401(k) except for one major difference: I can do this. No financial services company that I have called will pick up my company for a 401(k) because we are too small. This plan is largely in response so that I can stay competetive with people who are able to do the 401(k).

I am well below the 100k MAGI mark and don't expect to get up there any time soon.

The rep I talked to at Vanguard said I could contribute $10000 to my SIMPLE and $5000 to my employer's, up to the total defered limit of $15000. Was he wrong on this? Anyway, that is how I arrived at the numbers I did:

My simple: 10k
Employer's SIMPLE: 5k
Regular Roth IRA: 4k
Total: 19k

Thanks again.

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