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Get answers to all your questions about the application process and SIMPLE IRA here
Can I Setup a SIMPLE IRA If My Business Belongs to a Control Group?
Yes, you can set up a SIMPLE IRA even if your business belongs to a control group, but you must follow specific rules:
Key Requirements:
- All eligible employees from ALL businesses in your control group must be included in the SIMPLE IRA plan
- Your combined control group must have 100 or fewer employees who received $5,000 or more in compensation during the previous calendar year
- None of the businesses in your control group can maintain another qualified retirement plan
Important Steps:
- Count all employees across all related businesses
- Include all eligible employees from each business in the control group
- Apply the same contribution rules consistently across all businesses
- Ensure proper documentation of control group status
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