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5305 Form: What You Should Know

Make sure you have accurate copies. Form 5305-SEP Model IRA If the SEP or SIMPLE plan provides matching benefits to employees, you should verify that the employee who has the most money or the highest age at filing will receive the benefits based on the age and amount you selected for their account. Forms 5305-SEP — Missouri Insurance Division If you operate a traditional IRA, you will need to make Form 5305-SEP Model IRA. Forms 5305-SEP Model Retirement If you operate a SIMPLE IRA, you will need to make Form 5305-SEP SIMPLE IRA. Schedule A — Statement of Financial Information If you are subject to tax withholding, you should use Form 1040-ES. If you are self-employed and do not have regular employees, you must file Schedule C with all W-2 Forms (only for self-employed individuals). Schedule A — Statement of Financial Information Form 5304(2) and form 5304(3) — Forms for Individuals under 21 If you are an employee and are not married and filing jointly (Form 1040EZ), you need to complete Form 5304 or Form 5304-EZ. Form 5303-G — Notice A Form 5303(G) is required if the employee is subject to special treatment and the plan provides a greater exemption to a particular type of compensation (such as deferred compensation). Form 5303(G) will be used if: the special treatment is to avoid tax liability on net earnings (Forms 957 or 971) (this does not apply if compensation is exempt from tax because of a special rule, such as a special election to be exempt or deduction, or special rules relating to self-employment retirement plans, etc.); or other special rules. Form 5305 – SEP. Missouri State Employees' Retirement Plan Employee can elect to be covered by the SEP. Form 5305-SEP will be used for the following situations: When the SEP plan provides a greater deferral of income than a SIMPLE plan in a defined benefit plan, as the greater deferral is the most significant feature, except for plan year beginning after December 31, 1998, and ending before December 31, 1999.

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