Contributions To Simple IRA
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An employee can contribute up to $10,500 in a year as part of his simple ira. If the employee is of age 50 or over, a "catch-up" contribution of up to $2,500 is also allowed. An employer generally has no requirements to file. The annual reporting required for other qualified plans is not required for Simple IRA. The financial agency that holds the Simple IRAs does most of the paper work. The partnering financial agency may have several investment options and each employee can pick the one that suits him or her best.
