I work two jobs. I can help two simple plans Ira?

Answer:

If there is no relationship between the two companies – the only link is that You, the employee, work for both of them – then Yes, you can make salary deferral contributions to both, for a total of $18,500, with no more than $12,500 to one of the simple IRAS.

The maximum aggregate contribution for a person who reaches the age of 50 at year end is $24,500. Simple IRAS are subject to limitations established in accordance with ISS§ 402(g), which limits contributions of deferred salary to $18,500 for the year 2018. Thus, this is a man who participates in several pension plans may not hold more than $18,500 in 2007 (regardless of the number of plans in which he or she participates), plus catch-up contribution of $ 6,000.

On the other hand, if the two companies are affiliated or associated in any case – if there is one party which owns both companies, regardless of partially or 100% ownership or if there is some connection, which will be a child service group, the maximum amount that the individual can delay in both directions may be limited to $12,500.

To learn more, check out simple Ira tutorial.

This question was answered by Denise Appleby (contact Denise)

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