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These limits are different from the limits that apply to 401(k), 403(b), and 457 plans. [6] The SIMPLE plan can technically be funded with either an IRA or a 401(k). There is almost no benefit to funding it with a 401(k), because the lower contribution limits of the SIMPLE are required as is the expensive extra administration of the 401(k).
The contribution limit for those who fund SIMPLE plans (tax-deferred, employer-provided Savings Incentive Match Plan for Employees retirement plans) is increased from $3,000 to $3,500, per the IRS.
Then the money can grow tax-free for decades and will be tax-free when withdrawn from the account at retirement, defined as beginning at age 59 ½. ... Contribution limits are lower for SIMPLE ...
Larger catch-up contributions for older savers. If you're self-employed or work for a small business that offers SIMPLE IRA accounts to employees, the catch-up contribution rules are changing in 2025.
Thus, the overall contribution limit (barring limits) is 20% of 92.9% (that is, 18.6%) of net profit. For example, if a sole proprietor has $50,000 net profit from self-employment on Schedule C, then the "1/2 of self-employment tax credit", $3,532, shown on adjustments to income at the bottom of form 1040 , will be deducted from the net profit.
These are additional contributions beyond the annual limit set by the IRS. For example, in 2024, those under 50 can contribute up to $23,000 to a 401(k) while those 50 and older by Dec. 31 can ...
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