Q:

What are the SIMPLE IRA contribution limits?

A:

Quick Answer

Employees may contribute a maximum $12,500 to SIMPLE IRA plans in the year 2015, according to the IRS. Catch-up contributions up to $3,000 may be made by participants 50 years of age and older, if permitted by the SIMPLE IRA plan.

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Full Answer

Employee participating in other employer plans with elective salary reductions under them are limited to total salary reductions of $18,000 across all plans in 2015, according to the IRS. Unless they decide to make non-elective contributions of two percent, employers are generally required to make matching contributions on a dollar-for-dollar basis up to three percent of the employee's compensation.

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