IRA plan definition
Examples of IRA plan in a sentence
You are eligible to convert all or any portion of your existing SIMPLE IRA into your ▇▇▇▇ ▇▇▇, provided two years have passed since you first participated in a SIMPLE IRA plan sponsored by your employer.
Assets distributed from your SIMPLE IRA may be rolled over to your Traditional IRA without IRS penalty tax provided two years have passed since you first participated in a SIMPLE IRA plan sponsored by your employer.
Article I The custodian will accept cash contributions made on behalf of the participant by the participant’s employer under the terms of a SIMPLE IRA plan described in section 408(p).
No contributions will be accepted under a SIMPLE IRA plan established by any employer pursuant to Code Section 408(p).
Also, no transfer or rollover of funds attributable to contributions made by a particular employer under its SIMPLE IRA plan will be accepted from a SIMPLE IRA, that is, an IRA used in conjunction with a SIMPLE IRA plan, prior to the expiration of the two-year period beginning on the date the employee first participated in that employer’s SIMPLE IRA plan.
Your employer is required to provide you with information that describes the terms of its SIMPLE IRA plan.
Participation in your employer’s SIMPLE IRA plan renders you an active participant for purposes of determining whether or not you can deduct contributions to a Traditional IRA.
You are eligible to convert all or any portion of your existing SIMPLE IRA(s) into your ▇▇▇▇ ▇▇▇(s), provided two years have passed since you first participated in a SIMPLE IRA plan sponsored by your employer.
The only contributions that may be made to your SIMPLE IRA are employee elective deferrals under a qualified salary reduction agreement, employer contributions, and other contributions allowed by the Code or related regulations, that are made under a SIMPLE IRA plan maintained by your employer.
If you receive a SIMPLE IRA distribution before you attain age 59½, an additional early distribution penalty tax of 10 percent (25 percent if less than two years have passed since you first participated in a SIMPLE IRA plan sponsored by your employer) will apply to the taxable amount of the distribution unless one of the following exceptions apply.