Can someone contribute the max in two different SIMPLE IRA plans?

Question

Let's say a person is the 100% owner of a business and contributes the maximum amount to that business's SIMPLE IRA. This person is also the 50% owner of another similar business in a town a few miles away, and he wants to start a SIMPLE IRA plan there. Would he be able to contribute the maximum there, too?

Long story short, is the maximum you can contribute depedent on the number of plans you are in, or is it aggregate?

Answer 1

I don't think you can. The IRS specifies a total maximum contribution. Check with a local accountant to verify.