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Can I have a SIMPLE-IRA and a Solo 401k plan with a ROTH account feature at the same time?

April 26, 2017account feature Plan Roth simple-ira time

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Can I have a SIMPLE-IRA and a Solo 401k plan with a ROTH account feature at the same time?

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No you may not. Because SIMPLE plans often have exclusive plan rules, they are generally not allowed alongside a Solo 401k. However, you can easily terminate your SIMPLE plan and start and contribute to a Solo 401k for this year. Here’s how the IRS says to terminate the SIMPLE… http://www.irs.gov/retirement/article/0,,id=111420,00.

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No you may not. Because SIMPLE plans often have exclusive plan rules, they are generally not allowed alongside a Solo 401k. However, you can easily terminate your SIMPLE plan and start and contribute to a Solo 401k for this year. Here’s how the IRS says to terminate the SIMPLE…