What is the deadline to set up a SIMPLE IRA?

As I read the IRS publications, I understand the deadline to set up a SIMPLE is Oct. 1st. Am I correct in my understanding? And I assume that deadline means to be able to have a SIMPLE IRA in the upcoming calendar year. Or is the Oct. 31 deadline in regards to the current calendar year.



October 1st is the deadline for the current CY unless the employer is newly formed (can be set up after 10/1) or employer had a prior SIMPLE IRA.



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