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What is a SIMPLE IRA

Source: www.irs.gov A SIMPLE IRA plan is a Savings Incentive Match PLan for Employees. Because this is a simplified plan, the administrative costs should be lower than for other, more complex plans. Under a SIMPLE IRA plan, employees and employers make contributions...

What is SEP IRA

Source: IRS.gov A SEP is a simplified employee pension plan. A SEP plan provides employers with a simplified method to make contributions toward their employees’ retirement and, if self-employed, their own retirement. Contributions are made directly to an Individual...

What Is Compensation

Source: IRS.gov www.irs.gov Generally, compensation is what you earn from working. For a summary of what compensation does and does not include, see Table 1-1. Compensation includes all of the items discussed next (even if you have more than one type). Wages,...

2010 IRA Contribution and Deduction Limits

This information is available on the IRS Site: Page Last Reviewed or Updated: January 26, 2010 2010 Combined Traditional and Roth IRA Contribution Limits If you are under 50 years of age at the end of 2010: The maximum contribution that you can make to a traditional...