For several days I've been trying to answer what I think should be a simple question: if I have a SIMPLE IRA through my employer, and a Traditional IRA aside from that, do contributions to my SIMPLE plan reduce the annual contribution limit of my Traditional, or are they treated separately? If they do affect each other, how much? (I'm not talking about deduction phase outs, I only mean the contribution limit).
I can't find an answer to this anywhere. The broker my employer goes through for our SIMPLE plan doesn't even know. Awesome.
I've been trying to figure this out because I want to contribute to both of my plans to bring down my taxable income. However, I can't find this information, and that's even after reading through IRS publications on the various IRA account types.
I guess I'll just focus on maxing out my HSA plan every year, and maybe increase my SIMPLE contributions after that. I do at least know that the annual contribution caps of HSA plans are not affected by contributions to IRA accounts.
Does anyone out there know the answer to this?
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