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Who needs 5305-SIMPLE Form: What You Should Know

I wish to file a joint retirement plan with my spouse and have a personal loan secured upon my death.  What you should know about: SIMPLE IRA (Rev. March 2016) You must file a Form 5304 if you have a joint retirement plan with a spouse, and you are also using a personal loan secured upon your death. If either one of your spouses is also an eligible retirement plan beneficiary, only one of them can be an eligible retirement plan beneficiary in your plan. If one or both of the spouses are not eligible, the plan must be filed separately since the assets are being protected by one person. If I am a student, my spouse is under the age of 18, and my eligible retirement benefits would be reduced if I withdraw my savings. What  you should know about: SIMPLE IRA (Rev. March 2016) If the assets will be used as a support for a student, do not use SIMPLE IRA Form 5304 if you are applying as part of a pension plan. In this case, you can complete Form 5305, and attach it to your Social Security or retirement check as a supporting document. Form 8865 and Form 8866 must be filed separately as a support document for the student if filing jointly.  What is the IRS penalty for improperly using a SIMPLE IRA? The penalty is 2,000 for the first violation, 5,000 for each subsequent violation, and 10,000 for failure to make required annual tax-filing requirements in the first two years of the plan. There will also be a civil penalty of 100 for each day of failure to properly report your SIMPLE IRA assets and annual required filing (IRS Form 8949), whether the plan is a qualified retirement plan, SIMPLE IRA plan, or an independent plan. Do not let the penalty intimidate you. For more information, review IRS Notice 2015-60, Notice 2016-20 to Individuals Filing a SIMPLE IRA Plan and Notice 2016-37, Notice 2016-40, and the SIMPLE IRA Guide to the IRS for more information. What if I already started a retirement plan with the same plan name that I am going to file this new plan with? If so, you may be able to use the same plan name for both SIMPLE and ROTH IRA plans. However, each SIMPLE IRA plan must include a separate account code.

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