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Are owners allowed to participate in their company’s SIMPLE IRA plan?

Yes. Business owners who receive compensation from their company are typically eligible to participate in the SIMPLE IRA plan just like any other employee.

This allows owners to build retirement savings while also providing benefits to their workforce. Contributions made on behalf of owners follow the same IRS rules that apply to employee contributions and employer contributions.

Many small business owners use SIMPLE IRA plans as a primary retirement savings vehicle because of their simplicity and tax advantages??????.