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Form 5305-SIMPLE online Bellevue Washington: What You Should Know

May 2024 — Form 5304-SIMPLE is a retirement savings incentive program offered to employees and their beneficiaries who participate in small business plans (which includes SIMPLE savings) under IRC Section 408(k) or IRC Section 403(b). This form and the related SIMPLE IRA plans are designed to encourage the participant to save in a tax-deferred (tax-free) account, and the employer matches that balance with an equal interest rate. The money accumulated on The money accumulated on Form 5304, with the participant's earnings, is not taxable. For example, the participant could put up to the limit for an IRA (the individual employee's Roth IRA) The money accumulated on the account at the end of the year is distributed tax-free on Form 1040 May 2024 — This document includes the list of Qualifying Plans that qualify as SIMPLE Plans for SIMPLE IRA Savings For more information see this fact sheet that can be found at. The link goes straight to Form 5501.  The following SIMPLE Accounts are offered if a qualified SIMPLE Plan is not  Available for participation by the participant in a qualified retirement account (other than a SIMPLE IRA): — SIMPLE IRA of the employee's employer, — SIMPLE IRA of the employee's spouse, — SIMPLE IRA of a member of the employee's immediate family, — SIMPLE IRA(S) of the employee's spouse's employer. What if the SIMPLE IRA of the spouse is not a Retirement Savings Plan? — If the employer offers a SIMPLE IRA in a Retirement Thrift Plan (which does not require A SIMPLE IRA) of the employee, then the employee can participate in the qualified retirement account for a period of time during the year and only for the tax-free portion of each individual's eligible salary amount. The employee would have income tax consequences of the extent of the income on the funds in the retirement plans. See the Employee Savings SIMPLE IRA page for full details. To be eligible for a SIMPLE IRA, you must participate in a qualified retirement plan which meets the SIMPLE IRA criteria for an employer provided plan. Any plan that allows an employee to contribute to a retirement plan that exceeds his/her salary (not to exceed the salary limits below) is not a SIMPLE IRA. See the Employee Savings SIMPLE IRA page for full details.

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