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Form 5305-SIMPLE for St. Petersburg Florida: What You Should Know

Signature Certificate (IRS Form 5305-SIMPLE). · Complete and file Schedule A and Schedule C (including Form 5305-SIMPLE). Schedule A, page 2, line 20 (Form 5305-SIMPLE) Schedule D, page 28, line 17 (Form 5305-SIMPLE) Additional Information To set up the SIMPLE IRA, make sure the employer matches 100% of each employee's contribution. If the employee's employer does not provide full matching contributions to the SIMPLE IRA, the employer may pay the employee a tax-free contribution to a new SIMPLE IRA account. The employee must make these contributions from the employee's own savings. The employer may continue to make the employee's regular contribution to the SIMPLE IRA. However, there is a minimum employee contribution when the employee is making contributions in his or her own savings. The maximum employee contribution to a regular SIMPLE IRA under the SIMPLE IRA Plan is the least of: A) the employee's contribution in his or her own savings less 6% and A) the salary contribution limit under the Saver's IRA (Sec. 408(a)) if it is less than a dollar on either of the last two pages of the schedule(s) A or D. For more information, see The Internal Revenue Code and SEP IRA Plans and Regulations. SIMPLE IRA is a simplified IRA plan. If an employee does not have an employer, there is no tax saving on contributions made to this SIMPLE IRA. The SIMPLE IRA provides a way for employees to take advantage of 401(k) and 403(b) plans. There is a separate rule if this plan is a 401(k) or 403(b) Plan: If the SIMPLE IRA Plan is a 401(k) or 403(b) Plan, as an alternative or in addition to the standard rules for deducting contributions in the employee's taxable year, an employee may make either: · contributions to the SIMPLE IRA Plan as contributions or, · amounts in advance by using a pre-tax IRA that is segregated from the employee's other taxable assets (pre-tax IRA). If the employee uses a pre-tax IRA during the taxable year, the employee will only be able to deduct the amount the employee elects to deduct under the SIMPLE IRA plan, as contributions or, except as a self-employed individual, as amounts in advance.

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