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Simple ira
Started by michaelrack
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Let me introduce you to my friend Google. A great stock (thus far) but an even better search engine.
I typed in "simple ira limit 2008" and look what popped up:
http://www.trustetc.com/education/irs-contribution-limits.html
(If you're on dial-up, it says $10,500, $13,000 if you're over 50.)
I typed in "simple ira limit 2008" and look what popped up:
http://www.trustetc.com/education/irs-contribution-limits.html
(If you're on dial-up, it says $10,500, $13,000 if you're over 50.)
Also, I am happy to announce that there are several seats left in ActiveDutyMD's master class, "Sarcasm, the 21st Century mode of communication". I would take the class, but I believe I got AP credit for it.
Ed
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thanks 
Also, I am happy to announce that there are several seats left in ActiveDutyMD's master class, "Sarcasm, the 21st Century mode of communication". I would take the class, but I believe I got AP credit for it.
Ed
Yea, you can just test out of it if you've been frequenting the military med forum.
SIMPLE IRAs can be a great way to shield some of your self-employment income from taxes. For 2008, the amount you can contribute to your SIMPLE is the lesser of $10,500 or your net self-employment income - plus you can then contribute another 3 percent of your net self-employment income. Anyone 50 or older by December 31st can contribute an additional $2,500.
If you think a SIMPLE is the best retirement plan option for you, you only have until 10/1/08 to establish one for 2008.
Another caveat. The $10,500 you can contribute to the SIMPLE is considered "salary deferrals". For 2008, your total salary deferrals are generally capped at $15,500 (or $20,500 if 50 or older.) So if you're maxing out your salary deferrals through another employer, then the SIMPLE probably won't do you much good at all. Instead, a SEP might be the way to do.
I wrote an article about the various retirement plans available for self-employed individuals, which you can find at: http://www.mdtaxes.com/news0706.html. Please note that this article was written a few years back, so while the concepts are still valid, some of the limits have increased a little bit since then.
If you think a SIMPLE is the best retirement plan option for you, you only have until 10/1/08 to establish one for 2008.
Another caveat. The $10,500 you can contribute to the SIMPLE is considered "salary deferrals". For 2008, your total salary deferrals are generally capped at $15,500 (or $20,500 if 50 or older.) So if you're maxing out your salary deferrals through another employer, then the SIMPLE probably won't do you much good at all. Instead, a SEP might be the way to do.
I wrote an article about the various retirement plans available for self-employed individuals, which you can find at: http://www.mdtaxes.com/news0706.html. Please note that this article was written a few years back, so while the concepts are still valid, some of the limits have increased a little bit since then.
