For tax years 2009 and 2010, the annual SIMPLE IRA contribution limit is $11,500 per year for most people, and $14,000 for those who are 50or older. SIMPLE IRA contribution orders are tax-deductible at the time they are made, and when the money is withdrawn year later, is taxed like ordinary earnings.
For more information, read our Guide to Retirement Account Contribution Limits.
SIMPLE IRA Contribution Limits for 2009 and 2010
|Year||Standard Annual Contribution||Catch-Up Compensation (50 and Older)|