|
gptkbp:instanceOf
|
Individual Retirement Account
|
|
gptkbp:catchUpContributionLimit2023
|
$3,500
|
|
gptkbp:contribution
|
pre-tax
|
|
gptkbp:contributionLimit2023
|
$15,500
|
|
gptkbp:countryOfOrigin
|
gptkb:United_States
|
|
gptkbp:createdBy
|
gptkb:U.S._federal_government
|
|
gptkbp:earlyWithdrawalPenalty
|
10%
|
|
gptkbp:earlyWithdrawalPenaltyFirst2Years
|
25%
|
|
gptkbp:eligibility
|
earned at least $5,000 in any two preceding years and expected to earn $5,000 in current year
|
|
gptkbp:employerContributionType
|
matching
nonelective
|
|
gptkbp:employerMatchingLimit
|
up to 3% of employee compensation
|
|
gptkbp:employerNonelectiveContribution
|
2% of employee compensation
|
|
gptkbp:establishedBy
|
employer
|
|
gptkbp:fullName
|
Savings Incentive Match Plan for Employees Individual Retirement Account
|
|
https://www.w3.org/2000/01/rdf-schema#label
|
SIMPLE IRA
|
|
gptkbp:introducedIn
|
1996
|
|
gptkbp:legalBasis
|
gptkb:Small_Business_Job_Protection_Act_of_1996
|
|
gptkbp:policy
|
defined contribution
|
|
gptkbp:purpose
|
retirement savings for small businesses
|
|
gptkbp:regulates
|
gptkb:Internal_Revenue_Service
|
|
gptkbp:requiredMinimumDistributions
|
yes
|
|
gptkbp:rolloverAllowed
|
yes
|
|
gptkbp:rolloverRestrictionPeriod
|
2 years
|
|
gptkbp:similarTo
|
gptkb:401(k)
gptkb:SEP_IRA
|
|
gptkbp:targetAudience
|
small businesses
self-employed individuals
employees of small businesses
|
|
gptkbp:taxStatus
|
tax-deferred
Form 5304-SIMPLE
Form 5305-SIMPLE
|
|
gptkbp:withdrawalPenaltyBeforeAge
|
59½
|
|
gptkbp:bfsParent
|
gptkb:Retirement_Account
gptkb:retirement_savings_contributions_credit
gptkb:Credit_for_Qualified_Retirement_Savings_Contributions
gptkb:Individual_Retirement_Arrangement
gptkb:Individual_Retirement_Arrangements
gptkb:Individual_Retirement_Account
|
|
gptkbp:bfsLayer
|
7
|