Question

Any one know if a simple plan IRA is the same for tax proposes as the traditional?

Forum|Forum|4 years ago
April 5, 2022
1 reply
0 views

No text available

TurboTax Deluxe Online

No, they are not the same. A simple IRA is funded by both employer and employee contributions, while a traditional IRA is only funded by the account owner’s contributions.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

D

dmertz

Employee

A SIMPLE IRA is a type of traditional IRA, generally funded only as indicated by LeonardS, but also has restrictions on rollovers during the first two years and is subject to an increased penalty on early distributions during the first two years.