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Cary North Carolina online Form 5305-SIMPLE: What You Should Know

You must pay your annual registration fee for the SIMPLE IRA to continue receiving the benefits of the SIMPLE IRA. You must apply to receive the benefits of the SIMPLE IRA by the filing date stated on your Form 5305-SIMPLE, Form 5305-SEP or form. If you have received your SIMPLE Registration Number (RRN) from the Trustee (in the case of an adoption application) before you apply for your SIMPLE IRA, please file Form 5305-SIMPLE by the filing date stated on the RRN. The SIMPLE IRA does not include an automatic payroll deduction for salary sacrifice contributions, which may be required to be made by your employees. You must pay the required salary sacrifice contribution to your SIMPLE IRA by the filing date stated on the tax return. In certain situations, the required salary sacrifice contribution may be made at the time of filing. Schedule E, Distributions Schedule E includes the required distributions from the SIMPLE IRA, the payment of required distribution tax and federal income tax liability, if any for distributions to a beneficiary with a modified elective deferrals' exception, and the computation of the required monthly distribution in the appropriate cases. Simplified Employee Pension — Application for a SIMPLE IRA Plan for Individuals. This application is required. It should include all the following information: • Your name and the business address of the organization (organization name) from which the SIMPLE IRA plan will be established. • Your full Social Security number and date of birth. • Any other taxpayer identification number or identity statement you provide. • The year you become an eligible beneficiary of any SIMPLE IRA plan. • The income limits to be used for SIMPLE IRA contributions and the rate(s) of participation in the SIMPLE IRA plan for each individual participant. • The amount of the required salary sacrifice contributions, which you must make to your beneficiaries and the amount of these contributions to be paid to your own account in connection with the creation of the SIMPLE IRA. • Whether any additional contributions are required from each individual. • If the individuals or estates are married, the names, Social Security numbers, and spouses' names and dates of marriage. • All of your information, including any other income, assets, net worth, sources of income, and expenses from which you may be eligible to be allocated under the SIMPLE IRA plan and for which you will be contributing with the employees.

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