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Form 5305-SIMPLE for Raleigh North Carolina: What You Should Know

March 2014) — IRS A SIMPLE IRA is just that and nothing more. Employers may use one or many of the following forms to make their own SIMPLE plan. Note that the form is not limited only to SIMPLE IRA plans. Form 4161 (Schedule D) is used to establish a SIMPLE IRA for qualified large partnerships and sole proprietorship. Form 5305-SIMPLE (rev. March 2012) — IRS The IRS has released a new form for SIMPLE IRAs — 5305-SIMPLE (rev. March 2012). This revised form takes advantage of the IRS definition of qualified plans and requires that you do all the proper paperwork instead of relying on an unhelpful but confusing “SIMPLE IRA” definition at the bottom of the 5305-SRR. If you decide to do a SIMPLE IRA plan using either 5305-SRR or 5305-SIMPLE (and you still have to do the paperwork) it would make more sense to do a SEP-IRA. See SEP's for more info:  How can you use Form 5305-SIMPLE (rev. March 2012) to establish a SIMPLE IRA plan? For the purposes of this letter I am referring to a SIMPLE IRA (also known as SEP-IRA). SIMPLIFY IRAs do not include: • Individual Retirement Arrangements (IRA's) • Employee Stock Ownership Plans (ESOP's) or • Traditional IRA's and • Roth IRAs. Employers who wish to offer SIMPLE IRA plans for employees without having to include an SEP in their employee's Form 1099-R (i.e.- Form 3115) are encouraged to complete the 5305-SIMPLIFY form if applicable with the plan details. Please see the full 5305-SIMPLE form for more info. SEPA is not allowed as a SIMPLE IRA? No you can not use SEPA in the name of a SIMPLE IRA.

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