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Form 5305-SIMPLE for Tampa Florida: What You Should Know

SIMPLE IRA yet still meet the age (or otherwise not already) requirements. Form 5304-SIMPLE and 401(k) plan form were specifically created to serve the same purpose of providing an employee with a plan to contribute  to in conjunction with the use of a SIMPLE IRA plan. The 5304-SIMPLE is a simplified version of the 401(k) form, which was created  for the IRS to serve as both the SIMPLE IRA agreement and as the 401(k) form. The purpose of form 5304-SIMPLE was to  allow an employer to establish a simple, straight-forward, two-step approach where employees can make contributions to a SIMPLE IRA without  having to deal with the complexities and legalities of the various 401(k) plans. The 5304-SIMPLE has been accepted as the model for all the  similar SIMPLE IRA options since its creation in 2010. Section 3 (E)(1) of Form 5304-SIMPLE provides for  an employee to make a contribution to an account in his or her name up to an amount permitted by Internal Revenue Code section  529(c)(1)(A) and § 403(b)(7)(E) and then have that contribution made to and in full by the employer. In certain situations,  employers may be permitted to provide additional funding for the SIMPLE IRA. This additional funding may be an amount or period of  time not specified in the form.  Section 3 (E)(1) of Form 5304-SIMPLE provides for the employer to make all matching contributions required to the account in  accordance with Internal Revenue Code section 403(b)(7) and § 403(b)(26). For the purpose of obtaining an  401(k) plan, the employee becomes responsible for the following: 1. Matching the contribution; 2. Contribution in the same amount; and 3. Contributions  continue to be made until retirement. 401(k) plan participants should be advised that if their earnings increase above the  current plan's rate during the SIMPLE IRA agreement period, they must increase the current SIMPLE IRA contribution rate to reflect those  increases.

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