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Abilene Texas Form 5305-SIMPLE: What You Should Know

Small Employer. Saving and Investing. The SIMPLE IRA (also called a SIMPLE plan or Simplified Employees Pension). A nonforbidding plan that provides contributions in addition to employer and employee contributions.  Related Form 709 (S Corporation) Form 709 will help you develop your own SIMPLE IRA plan for your employees, an S Corporation, but it has some limitations. For more information go to IRS 709-SIMPLE IRA Form 8606 Form 8606 is a model SIMPLE IRA agreement. For more information go here: SIMPLE IRA Plan — Employer Contributions Form 954 Form 954 provides employer contribution for a designated financial institution. You will need to file a “Form(s) 954-PF” for each year you are participating in the form. You can get sample Form 954-PF for each year you are participating from . In addition to a Form 954-PF, you will need to file IRS Form 964, “Qualified Plan Sponsor's 954(SP) Payment.” It is a form that shows the employer's share of employee shares of earnings (with a certain amount withheld). The maximum amount that may be shared by the employer and employee is 50% of the employee's contributions. It is a good idea to keep a copy of each Form 954 each year for your records. Simplified Employee Pension (SEP) In order to be eligible for the SEP, you must be a non-profit organization, qualified organization or a 501(c)(3). It also is considered to be a “qualified plan.” Related Forms 951, 951A This page is for the SIMPLE IRA plans you need to file this year. Find out more about the plans in our SIMPLE IRA Planning page. SIMPLE IRA Contribution Information If you are filing SIMPLE IRA tax return for a current year, and you plan to participate in the plan for the next two years, you have two options. You can: File an amended return, a completed Form 8606, or file a new Form 8606 that has different information and shows you want to participate in the plan for the next two years.

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