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Irs gov 5305 Simple Form: What You Should Know

This tax shelter only provides for qualified investment returns and can only be redeemed at NAV. The IRS encourages you to obtain the most current version of your financial institution's SIMPLE IRA plan document. This tax shelter only ensures that the IRA has the income and/or gains of the investor (participant) and is not subject to taxation. The SIMPLE IRA plan document is an instrument of a particular relationship, and a failure to make payments on the plan document is not a breach of fiduciary duty by the custodian. If you're an employer, this tax shelter means your investment advisor has been paid to administer the SIMPLE IRA plan you created for your company. This tax shelter only provides for qualified investments returns and can only be redeemed at NAV. A SIMPLE IRA plan agreement can only be used for a qualified investment for which the participant has at least 5,000, and has the legal authority to make the investments. In order to be eligible for the SIMPLE IRA plan, a person must have at least  50 percent owned the equity interest in the IRA for the calendar year in which the SIMPLE IRA plan was established. This requires the person to have owned the equity interest for at least the period, from  to The person must have a valid legal power of attorney for that IRA. The person must own any interest in the IRA at the end of the calendar year in which the SIMPLE IRA plan was established. A participant can only be issued a SIMPLE IRA to a parent or guardian. The participant must pay 10 percent of any contributions into the IRA during each calendar year. The participant has to submit all payments to the custodian. The participant must be authorized to make the investments. The participant must be at least 18 years of age when the IRA account is established. Any interest in the IRA shall accrue and become distribute from a source within 60 days of the start of the plan year. All payments must be in cash, unless the investment is an IRA-linked annuity contract or a Roth IRA with the participant paying the taxes, or the investment is a qualified business investment plan. “Qualified Business Investment Plan” has the same meaning as in section 408(k)(3)(H). The SIMPLE IRA plan document must include all information (for at least 3 years) required by section 5606(c)(10)(C).

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