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Form 5305-S for Tacoma Washington: What You Should Know

Company is a SIMPLE IRA, and is used to  Fiscal Year 2017: • 401K; 401K Plans; • IRAs. 5,000 maximum contribution limits for each SIMPLE IRA plan type except SIMPLE 401K Plan; • SIMPLE 401K Plan; • SAR SEP plans; • Simplify your financial planning with the help of the expert at The largest plan type, the SIMPLE IRA, can provide an opportunity to save more from one income- • You will be allocated 5,000 in the first year (up to 53,000 per plan on a 51,000 IRA balance); • Contributions will be made with pre-tax dollars and will be tax-deductible up to the yearly limit • The maximum contribution amount per employee is limited based on the employee's modified adjusted gross income (MAGI). MAGI may exceed the employer contribution limit. • Employees of small companies are allowed a dollar-for-dollar match in a SIMPLE plan, while those who work for larger companies must contribute an additional 20 percent to their SIMPLE IRA plan • SIMPLE IRA retirement plans are offered on an income-contingent basis, which means you don't have to contribute pre-tax to your account. However, you will be taxed upon withdrawal from your account • You can contribute up to 5,500 per year per person (other than those age 50 and older) • Contributions are made via a check, wire transfer, ACH, or direct transfer of money at the company • If you're 65 or older, you may contribute a maximum of 5,500 (53,000 for a 51,000 IRA balance) per year (12,000 maximum for all SIMPLE plan types). • There is a 5,500 catch-up contribution limits for individuals age 50 or older. The catch-up can be made in one-big contribution or in smaller installments. • This retirement package  A SIMPLE plan is a unique retirement plan.

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