The savings incentive match plan (SIMPLE IRA) is a tax-deferred retirement savings plan for employees. Learn more about SIMPLE IRA benefits and requirements on our blog.
Maximum contributions: the 2022 max is $14,000. If your plan allows catch-up contributions, employees age 50 or older can make additional contributions up to $3,000 for a total of $17,000.
Add SIMPLE IRA payroll deductions to Gusto
Gusto doesn't offer a SIMPLE IRA, but if your company manages one through a third party, payroll admins can add the benefit to Gusto. This lets you collect employee contributions through payroll deductions, and we'll calculate company and employee taxes. Deducted funds remain in the company bank account for you to transfer to your SIMPLE IRA provider.
Before you start: make sure you have a list of all employees enrolled in this benefit, their personal contributions per pay period, and your company contribution. If you have any questions about your plan setup, review your plan document or contact your SIMPLE IRA administrator.
The next time you run payroll, company and employee contributions will be listed on employee paystubs. You can return to the Benefits section of your admin account anytime to add, remove, or change employee deductions or the plan details.
Employee deductions remain in your company bank account. Work with your SIMPLE IRA provider to transfer deductions and company contributions to your employees' SIMPLE IRA accounts.
For questions about your SIMPLE IRA policy and benefits, contact your SIMPLE IRA provider directly.