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FAQ

Does a SIMPLE IRA have a plan document?
You can use Form 5304-SIMPLE PDF or Form 5305-SIMPLE PDF to set up a SIMPLE IRA plan. Each form is a model Savings Incentive Match Plan for Employees (SIMPLE) plan document.
What is the 2 year rule for SIMPLE IRA?
Employees must wait two years from the time they open a SIMPLE IRA account before transferring those funds into another retirement plan. If you withdraw money from a SIMPLE IRA during the two-year waiting period, you may be subject to a 25% early-distribution penalty.
What are the rules for a SIMPLE IRA?
Eligibility requirements are low. In general, you're eligible to participate in a SIMPLE IRA if you've received at least $5,000 in compensation during any two preceding calendar years and expect to earn at least that much during the calendar year of participation.
Can I open a SIMPLE IRA on my own?
If you are self-employed or own a business with 100 or fewer employees, you are eligible to establish a SIMPLE IRA plan, as long as it is the only retirement plan you fund. Companies maintaining another employer-sponsored retirement plan in the same year are not eligible.
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