This SIMPLE IRA overview has been revised for the 2023-2024 tax years. This post marks part of our multi-part series on retirement accounts designed for self-employment income; previously we covered SEP IRA and Solo 401K basics; today we’ll look at SIMPLE IRA basics – even part-time side income could benefit from these accounts!
What Is a SIMPLE IRA? A SIMPLE IRA is somewhat misleadingly named. Not only is it easily marketable and inviting, but its acronym actually stands for Savings Incentive Match Plan for Employees – so the name may mislead investors who think that is all it means.
Why deceptive? While designed as an easy option for employers with less than 100 employees (requiring minimal administrative filing and costs for maintenance), I find this one of the more complex of three self-employed retirement accounts available to individuals, myself.
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