Simple IRA
Hello,
Question on opening a Simple IRA. Simple IRA needs to be opened by October 1st for 2023 but does it have to be funded by then, too, or can they fund after?
Thank you.
Hello,
Question on opening a Simple IRA. Simple IRA needs to be opened by October 1st for 2023 but does it have to be funded by then, too, or can they fund after?
Thank you.
Permalink Submitted by Kevin O'Hearn on Tue, 2023-09-26 13:52
Question on opening a Simple IRA. Simple IRA needs to be opened by October 1st for 2023 but does it have to be funded by then, too, or can they fund after for employer 2022 contributions? Thank you.
Permalink Submitted by Alan - IRA critic on Tue, 2023-09-26 14:18
The Oct 1 deadline only applies to employers without a prior SIMPLE IRA and with no qualified plan maintained earlier in 2023. Contributions to such a plan would be 2023 contributions including matching contributions. For 2022 contributions you may be thinking about a SEP IRA established by the extended due date after filing an extension for 2022. This option does not apply to SIMPLE IRAs.