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Chicago Illinois Form 5305-SIMPLE: What You Should Know

The following are important to your company's success. • The IRA's rules are more restrictive than under the regular IRA plan. • Employees get a matching contribution. • The employer matches 100% of the first 6% of payroll, then 50% of the next 6% and then 25% of the next 6% as long as the total amount contributed by both employees and the employer for the entire calendar year does not exceed 10% of the least of: 30,000 or 1% (for married employees or other taxpayers filing either a joint return, or whose tax and social security numbers are the same); or • 120,000 or 2% of payroll. An employer cannot make more than 120,000 in contributions without exceeding the limit under the regular IRA plan.  The IRS provides instructions for creating and carrying out your SIMPLE IRA plan. This summary description may include a photocopy of IRS Form 5305-SIMPLE as completed by your employer to establish its SIMPLE IRA plan, or it is SIMPLE Plans for Small Businesses A SIMPLE (Savings Incentive Match Plan for Employees of Small Employers) IRA plan offers great advantages for businesses that meet two basic criteria. The following are important to your company's success. • The IRA's rules are more restrictive than under the regular IRA plan. • Employees get a matching contribution. • The employer matches 100% of the first 6% of payroll, then 50% of the next 6% and then 25% of the next 6% as long as the total amount contributed by both employees and the employer for the entire calendar year does not exceed 10% of the least of: 30,000 or 1% (for married employees or other taxpayers filing either a joint return, or whose tax and social security numbers are the same); or • 120,000 or 2% of payroll. An employer cannot make more than 120,000 in contributions without exceeding the limit under the regular IRA plan.  IRS Form 5300 -SIMPLE IRA and SIMPLE 401(k) Form 5304 -SIMPLE IRA and SIMPLE 401(k) Form 5305-SIMPLE plan documents are provided for a complete listing of the rules, requirements, and other documents.  IRS Form 5305-SIMPLE is filed by an employer for the purposes of: Establishing an SIMPLE IRA plan.

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