Is Simple IRA A Qualified Retirement Plan?

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   Steve Savant

   Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona

   Yes, a Simple IRA is a qualified retirement plan that allows tax deductible for pretax contributions and accumulates tax deferred until distributions. When distributions are generated the income is taxed as ordinary income at the plan participant's effective tax bracket rate and is includable in the provisional income test for Social Security benefit taxation.

   Answered on August 10, 2013

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