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RJM
Dec 29, 2008 - 10:12AM
Simple IRA

My practice offers a simple IRA plan. Does the maximum contribution for 2009 take into account the 3% matching contribution from the practice, or does it just apply to what I contribute?

Zip Code: 02492

a
Andrew Schwartz CPA
Dec 29, 2008 - 5:06PM
Re: Simple IRA

Great question.

The amount you can contribute to a SIMPLE IRA in 2008 is equal to salary deferrals of $10,500, plus a match of 3% of your salary, up to the amount of your salary deferrals.

For 2009, the salary deferral and corresponding match increase to $11,500. Anyone 50 or older by December 31 can make catch-up contributions of an additional $2,500 in 2008 and 2009.

Zip Code: 01801

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