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Form 5305-SIMPLE Everett Washington: What You Should Know

IRS Publication 5305-SIMPLE. For more info go to IRS.gov. SIMPLE. For a SIMPLE IRA plan, you can specify the financial institution from which your employers can make IRA contributions so the employee's name and employer are on the IRA at the time of death. Simplify your tax return. You can save time and money by using tax forms to eliminate redundant filing. Tax forms are the only paperwork you will need. The Simplified Employee Pension (SEP) Plan is an employee owned IRA for eligible employees enrolled in a SIMPLE 401(k) plan or SIMPLE IRA plan. In order for a SIMPLE IRA plan to be eligible for exemption from the 3% early withdrawal penalty, the plan must be established prior to January 1, 2010. Employees eligible for a SIMPLE IRA plan may contribute up to 5,500 of their salary each year. In addition, SIMPLE IRA plans can be approved for exemption from federal income tax, provided the plan provides for at least 60% of the employees' compensation to be invested in U.S. money market funds. Simplify your tax obligations. With a SIMPLE IRA plan you can: No IRS filing. No additional tax withholding or penalties. Lower your annual contribution limits. No additional federal income tax withholding (e.g., employer tax withholding) is required after your SIMPLE IRA contribution. SIMPLE IRA — Simplify Your Tax Return. You can do this at any time during your 1040 tax return. The Simplified Employee Pension (SEP) Plan is an employee owned IRA for eligible employees enrolled in a SIMPLE 401(k) plan or SIMPLE IRA plan. In order for a SIMPLE IRA plan to be eligible for exemption from the 3% early withdrawal penalty, the plan must be established prior to January 1, 2010. Employees eligible for a SIMPLE IRA plan may contribute up to 5,500 of their salary each year. In addition, SIMPLE IRA plans can be approved for exemption from federal income tax, provided the plan provides for at least 60% of the employees' compensation to be invested in U.S. money market funds. Simplify your annual contribution limits. With a SIMPLE IRA plan you can: No IRS filing. No additional tax withholding or penalties. Lower your annual contribution limits. No additional federal income tax withholding or penalties is required after your SIMPLE IRA contribution.

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