IRA Information

The amount that an individual investor may contribute into their SEP IRA plan varies by the given tax year which the contributions are made. For 2009, qualified individuals may contribute up to 25% of their compensation, capped at a maximum consideration of $245,000 per annum; otherwise, $49,000 for the 2009 tax year.

A rollover IRA account is created when funds from a qualified plan such as a

An IRA, or

The amount that you can contribute into an IRA annually varies by age and by year. For example, in 2009, qualified individuals under the age of 50 may contribute up to $5,000 during the given tax year, while individuals above the age of 50 can utilize the catch up provision and save up to $6,000. Contribution amounts adjust annually, so it is important to review the requirements for the current tax year before making contributions.

There are very specific rules regarding distributions of SIMPLE IRA funds. 

According to IRS guidelines, the rules revolve around payments or distributions received from a SIMPLE IRA during the 2-year period beginning on the date on which the individual first participated in any SIMPLE IRA plan maintained by the individual's employer (the "2-year period"). The 2-year period begins on the first day on which contributions made by the individual's employer are deposited in the individual's SIMPLE IRA.