Are my part-time employees allowed to participate in a simple IRA Plan?
TaxConnections Members... Answer This Question
Want To be One of Our Tax Experts? Register Here
Tax Professional Answers
![User Photo](/user_uploads/photos/crop_12258973.jpg)
John Stancil
IRS rules require that all eligible employees participate. The rules state that any employee who received at least $5,000 in compensation from the employer during any two years prior to the current year, and reasonably expects to receive at least $5,000 in compensation during the current year, is eligible to participate in the employer’s SIMPLE plan. The employer may adopt lower income limits but not higher.
Leave a Comment
309 weeks ago