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Form 5305-SIMPLE Oklahoma City Oklahoma: What You Should Know

DELL requires the business to keep 5305-SIMPLE forms. 5305 is not required by law or the plan, therefore you need to check with your plan administrator. There is no tax benefit to having 5304-SIMPLE forms and if the plan was established before 6/10/2001 it must be changed with the plan's rules. 5304-DELL and 5305-SIMPLE: The two documents work in conjunction to design an account for the employee. The 5304-SIMPLE document sets up the account and the 5305-SIMPLE document is used to maintain the account within the plan. The 5305-DELL is a separate document that can also be used when creating an IRA in relation to the 5304-SIMPLE or 5305-SIMPLE. The 5304-DELL does not have the same rules as 5305.

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