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Simple ira contribution deadline Form: What You Should Know
SEP and SIMPLE IRA Plans: 15 Apr. 2023 — To avoid a 10% withholding due to a contribution under your SIMPLE IRAs and SEPs, you will need to notify your employees that the SIMPLE IRA will terminate at the end of 2015. To continue to be eligible for salary deferral contributions after 2017, you must provide the employees with this letter on their first annual payment. Fidelity 401(k)s — Fidelity Investments IRA contributions made after you cease to be eligible for a deduction on your individual income tax return (such as an individual who makes a non-deductible payment to your retirement plan on a regular basis or a non-exempt non-employee of an entity), will not be deductible. IRS Form 1040NR — Fidelity Investments The employer has to make an election if it has more than one Plan. It is the employer's responsibility to determine which of the Employer's Plans are eligible to make contributions to an IRA. For more information please see the IRS Publication 605, Employee Retirement Income Security Act of 1974 (ERICA) — Individual Retirement Arrangements (IRA) — Fidelity Investments IRA Contributions and Deductions. Fidelity 401(k)s — Fidelity Investments 1. The Company makes a contribution to the Plan to meet its liability to the Plan's Plan Sponsor; 2. The contribution and employee contributions are required under section 401(k)(8) of ERICA; and 3. The employer must continue to satisfy ERICA qualification requirements in order to continue to make contributions. IRS Form 1099-R — Fidelity Investments An employee's salary deferral contribution to an IRA, including a SIMPLE IRA, is not deductible. However, an employer could make a discretionary contribution to an IRA up to the first 55,500 of compensation in a year. A voluntary contribution is treated as a salary deferral contribution and is not deductible.
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