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FAQ

What if I contribute too much to my SIMPLE IRA?
The IRS will charge you a 6% penalty tax on the excess amount for each year in which you don't take action to correct the error. For example, if you contributed $1,000 more than you were allowed, you'd owe $60 each year until you correct the mistake.
Do I need to report SIMPLE IRA on taxes?
The IRS requires that contributions to a SIMPLE IRA be reported on the Form 5498 for the year they are actually deposited to the account, regardless of the year for which they're made.
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