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Form 5305-SIMPLE Minneapolis Minnesota: What You Should Know

SIMPLE and were enrolled in a SIMPLE plan. This is to ensure that you have made sufficient contributions to  a SIMPLE plan. You may obtain a copy of the SIMPLE IRA plan agreement by filing a completed Form 5305-A with the IRS. SIMPLE IRA-401(k)! If you have a plan that you have contributed to, but the plan beneficiary did not participate in the SIMPLE IRA plan, do not contribute any new money to the plan or rollover excess contribution into the plan, since the plan contribution must come by way of the individual plan contributions. Example: If an employee has not contributed to a SIMPLE plan because he did not participate, and he contributes 8,000 to the 403(b) plan on the employee's behalf. There will be 8,000 remaining in the account from contributions to the SIMPLE plan.  If the company offers a 401(k) plan, and the 401(k) plan does not have a SIMPLE IRA component, roll this money over to the 401(k) and use the contribution for the individual contribution limitations. Keep in mind that if your plan has a SIMPLE IRA component, the company is required to contribute to the plan as described in the SIMPLE IRA plan to match contributions that are made to the SIMPLE IRA. Example: Employee's 403(b) plan has a SIMPLE IRA component and the company is required to contribute the money for the individual limits from the regular plan. The employee contributed 8,000 to the regular 403(b) plan, which contributed 2,000 annually from the employee account. Now, the SIMPLE IRA has contributed to the 401(k) and will continue to contribute to the 401(k) at the regular level each year, even though the SIMPLE IRA was not a part of the 401(k) when it was first started.

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