SIMPLE IRA Contribution Deadline 2022
My self-employed client wants to open a SIMPLE IRA. He has extended his tax deadline for 2022. Can we open a new SIMPLE for his and make both a contribution ($14K + $3K catch-up) and match (3% = $510) for tax year 2022? To be clear, no retirement plan exists at this time. Thanks.
Permalink Submitted by Alan - IRA critic on Wed, 2023-07-26 21:56
Assuming that this business was established prior to 10/1/2022, the deadline to establish a SIMPLE IRA for 2022 was 10/1/2022. A SIMPLE IRA can now be established for 2023. For 2022, client can still establish a SEP IRA and contribute for 2022.