NEW SIMPLE Plan for 2025
We have a client who established their SIMPLE Plan effective January 1, 2025. The plan documents were signed in June 2025. No contributions were made to the accounts as of today.
How far back can the employer w/hold employee contributions, can the employer go back to January?
Permalink Submitted by Alan - IRA critic on Mon, 2025-09-22 13:04
SIMPLE IRAs are calendar year plans. Therefore, assuming that the business qualifies for a SIMPLE IRA and no other plans have been maintained in 2025, the contributions indicated on the 5304 or 5305 SIMPLE forms must be made up back to 1/1/2025.
These plans cannot be started mid year.