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Irs 5305-sep 2023 Form: What You Should Know

Simplified Employee Pension Plan Sep 26, 2023 — IRS released a model SEP plan document, Form 5305-SIMPLE, Simplified Employee Pension — Individual Retirement Accounts Contribution Agreement PDF. Use this form if you want to file a SEP petition. The plan allows contributions through December 31, 2018. Dec 1, 2023 — This is when your plan can be changed from SEP to SEP for all participants. You can use the SEP filing date of your return to determine when the change can be made. If you don't change your plan, your SEP account must have a zero balance by December 31, 2018. You can change the account balance during the 2023 tax year or any year after 2018. Your change to SEP is non-forcible. You have until December 31, 2023 (or the return deadline) to make a SEP election, or, if an election is made, for you or the participant to request that the plan administrator change the plan to SEP. To make a SEP election, you must file Form 5325, Election to Establish Eligibility for, and Contribution to, Retirement Plans — Employee.  The form is due by December 31, 2023 (and prior years) and needs to be completed & signed by you and your participant. Your SEP filing date is the first day of the plan year (and prior years) (Form 5304-SEP, Employee's Withholding Allowance Return, Simplified Employee Plan).   You can make the election using any tax year that starts on or after December 31, 2018. If you are making the election for a tax year that does not start on or after July 1, 2023 (as of this writing), you must have filed your return for the prior tax year by the due date of that return. The following years would also be included into the 2023 election (so they are eligible for the 50 SEP deduction). If you have any questions about making an SEP election, you have the option to contact the SEP Plan Administrator or your plan administrator.

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