SIMPLE IRA Contribution Deadlines
Let’s give two scenarios: one business owner has employees and the other has no employees. What are their respective deadlines for making 2024 employee contributions to their own SIMPLE IRA accounts? Additionally, in both scenarios, would the deadline for the employer contribution still be the business’s tax filing deadline?
Permalink Submitted by Alan - IRA critic on Thu, 2025-01-16 17:36
W-2 employee SIMPLE IRA contributions must be made within 30 days from the end of the month in which they otherwise would have been paid to the employee in cash. However, self employed owners have until 1/30 of the following year to make their salary reduction contributions.
Employer matching contributions can be made up till the due date to file the business return plus extensions.
Permalink Submitted by AT13 on Thu, 2025-01-16 17:49
Thank you for the clarification!