Simple Roth
Converting traditional simple to Roth. going forward, undersand indiv annual contrib’s not deductible on 1040, but the Corp [Sub S actually] doing the matching into the acct, that deductible to the Sub S? thanks Lorna
ps
love the smilies
Permalink Submitted by Denise Appleby on Sat, 2010-12-18 16:58
[quote=”[email protected]“]Converting traditional simple to Roth. going forward, undersand indiv annual contrib’s not deductible on 1040, but the Corp [Sub S actually] doing the matching into the acct, that deductible to the Sub S? thanks Lorna
ps
love the smilies[/quote]
Hi Lorna,
Yes. The employer matching contribution would be deductible on the business’ tax return.
The Roth conversion does not impact this requirement.
Reminder: A SIMPLE IRA cannot be converted to a Roth IRA, unless the SIMPLE has met the [url=http://www.retirementdictionary.com/definitions/2yearrulesimpleira%5Dtwo-year requirement[/url]