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Video instructions and help with filling out and completing simple ira vs 401k
Hello everybody I know it all Paul this week's episode I'm going to show how you business owners can save some money on your taxes and reward your employees at the same time it's called a simple IRA it's designed for companies with less than 100 employees now as a worker have you ever felt like that person that keeps passing cake around and you don't get any well don't worry everyone is included in a simple IRA it's a great perk to you and tax deductible to the business now as a business owner you can open a simple IRA for your employees at a bank insurance company or investment firm you can do it in person or online almost any kind of investment can go inside their annuities bonds CDs mutual funds and stocks now you have to open the simple ira between January 1st and October 1st unless you're a new business that started after that you have to put in 2% contribution for every eligible employee or you have to match their contributions up to 3% of their compensation now as a company you can change this amount each year but you have to do the same percentage for every employee and every employee is 100% vested automatically now to be eligible an employee has to have earned $5,000 for any of the previous two years and expects to earn another $5,000 in the current year now for the employee the money grows tax-deferred it's never been taxed before so once they cash out at retirement it will be taxed then full retirement age is fifty nine and a half years if you catch out before then you're going to be taxed and penalized 10% because it's supposed to be for retirement any money in the account at age 70 and a half the government is going to start what they call our MDS short Court required minimum distributions basically it's about four to five percent of the account balance the government makes you take it out just so they can tax you on it anything that stays inside of the simple IRA is protected from creditors depending on what state you live in and the money for beneficiaries avoids probate goes to rectly to your loved ones they can cash it out or they can continue it in their IRA now this is just supposed to be an overview for more details you can visit irs.gov please subscribe below I'll have a different topic coming out each week there's anything you want to hear shoot me an email I'll be glad to include it also make sure you check out my blog site at know-it-all Paul calm and follow me on Facebook and Twitter