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Form 5305-SIMPLE online Colorado Springs Colorado: What You Should Know

You can comment here or send in a letter by April 24, 2022. Your comment will stay on file for 2 years. Note: You need to have been in active service for the first 11 months before participating. Tax-Exempt Qualified Plans — IRS For a SIMPLE IRA only you will use Form 5304–SIMPLE. The same tax rules and documentation requirements apply, just go through a DFI (see Part II section II for more on DFI). Check to see if your company's plan requires a participant to be a U.S. Citizen or a Permanent Resident. If it does not, it is not required to allow for SIMPLE IRAs. Employer SIMPLE IRA In general, employer sponsored SIMPLE IRAs will include both a SEP IRA, and an employee SIMPLE IRA. SIMPLE IRAs are also called SEP-SIMPLE: • A SIMPLE contribution made directly (i.e., in cash), by the employer to the SIMPLE IRA as determined under IRS regulations. The plan administrator must complete a SEP IRA form, form 5305S, and a Form I-744, Employee's Withholding Allowance, to allow the SIMPLE IRA contributions. • A SIMPLE contribution made without direct employer contributions to the IRA, by the eligible person(s) in the plan to pay for qualified medical care for the SIMPLE IRA beneficiary. The plan administrator may direct the person(s) making the SIMPLE IRA contribution to make this contribution through a payroll deduction, but the plan administrator must ensure the contribution is subject to income tax. These contributions are not deductible from the plan's gross income for tax purposes, but they may be included in a Plan Sponsor's financial records. Contributions in SIMPLE IRAs are often referred to as “direct salary reduction contributions.” It is important to note that these SIMPLE contributions (Arcs) must be made by a plan participant and not through payroll deductions or an investment plan. However, you may need to make a DRC if a plan participant's total compensation is less than the applicable 401(k) limit as you cannot make a 401(k) contribution for income below the minimum threshold for retirement. Employer and employee must jointly elect a SIMPLE IRA.

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