Sentences with phrase «compensation during the current year»

Employees are eligible for SIMPLE IRAs if they received at least $ 5,000 in compensation in the prior two years and if they expect to receive at least $ 5,000 in compensation during the current year.

Employees are only eligible to participate in SEP IRAs if they are at least 21 years old, have worked for the employer in at least three of the last five years and have received at least $ 600 in compensation during the current year.

Not exact matches

Eligible employees (those who earned at least $ 5,000 in compensation during any 2 years before the current calendar year and expects to receive at least $ 5,000 during the current year) can make pre-tax contributions to their plans each year.

Per IRS rules as of 2017, to qualify for an employee SEP IRA, an individual must be at least 21 years old, have worked for the employer in at least three of the previous five years and have received a minimum of $ 600 in compensation from the employer during the current year.