Simple IRA Setup Deadline

Submitted by Debra Freedman on Mon, 2013-09-16 18:08

If I want to set-up a Simple IRA for 2014, contributions starting January 1st 2014. Do I need to establish the Simple IRA by the October 1st deadline? Or is the October 1st deadline for current year Simple IRA set-ups and contributions?

Thanks

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Permalink Submitted by Alan - IRA critic on Tue, 2013-09-17 17:34

10/1 is for the current year. Here is the IRS page for establishing a SIMPLE IRA; http://www.irs.gov/Retirement-Plans/SIMPLE-IRA-Plan-FAQs-Establishing-a-SIMPLE-IRA-Plan
You should establish the plan anytime now for a 1/1/14 effective date, but prior to 11/2 which is the deadline to send notices to any eligible employees.

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