SIMPLE IRA definition

SIMPLE IRA. Means the individual retirement account which satisfies the requirements of Code Sections 408(p) and 408(a).

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SIMPLE IRA means a Traditional IRA to which an eligible employer may make contributions in accordance with the Simple Retirement Account provisions of Section 408(p) of the Code. A SIMPLE IRA is subject to additional restrictions on rollovers to other Traditional IRAs and conversions to Roth IRAs and may be subject to a higher penalty tax for premature distributions. SIMPLE IRAs are established under and governed by a separate T. Rowe Price IRA document.

SIMPLE IRA means a Savings Incentive Match Plan for Employees IRA.

Examples of SIMPLE IRA in a sentence

• Although the conversion amount generally is included in income, the 10 percent early distribution penalty tax will not apply to conversions from a SIMPLE IRA to a ▇▇▇▇ ▇▇▇, regardless of whether you qualify for any exceptions to the 10 percent early distribution penalty tax.

• The amount of the conversion from your SIMPLE IRA to your ▇▇▇▇ ▇▇▇ will be treated as a distribution for income tax purposes and is includible in your gross income.

• 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.

• If you are required to take a required minimum distribution for the year, you must remove your required minimum distribution before converting your SIMPLE IRA.

• Assets distributed from your Traditional IRA may be rolled over to a SIMPLE IRA if the requirements of IRC Sec.

• 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).

• A proper SIMPLE IRA to Traditional IRA rollover is completed if all or part of the distribution is rolled over not later than 60 days after the distribution is received.

• A SIMPLE IRA operates under Internal Revenue Code Section 408(a).

• See Item 9 above for special rules applicable to distributions from a SIMPLE IRA.

More Definitions of SIMPLE IRA

SIMPLE IRA means a Traditional IRA to which an eligible employer may make contributions in accordance with the Simple Retirement Account provisions of Section 408(p) of the Code. A SIMPLE IRA is subject to additional restrictions on rollovers to other Traditional IRAs and conversions to ▇▇▇▇ IRAs and may be subject to a higher penalty tax for premature distributions. SIMPLE IRAs are established under and governed by a separate ▇. ▇▇▇▇ ▇▇▇▇▇ ▇▇▇ document.

SIMPLE IRA means an individual retirement plan (as defned in Code section 7701(a)(37)), that is used in conjunction with a SIMPLE IRA plan established by an employer pursuant to Code section 408(p).

SIMPLE IRA means an IRA to which an eligible employer may make contributions in accordance with the SIMPLE Retirement Account provisions of section 408(p) of the Code as provided herein.

SIMPLE IRA means an individual retirement plan (as defined in Code sec- tion 7701(a)(37)), that is used in conjunction with a SIMPLE IRA plan established by an employer pursuant to Code section 408(p).