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Form 5305-SIMPLE online Fayetteville North Carolina: What You Should Know

Form 5305-S (the Qualified Small Business Shareholder Plan) to qualify an employee as a qualified small employer. Form 5305-SIMPLE applies to employees of small employers as defined in section 3(16) of the Internal Revenue Code and the regulations promulgated thereunder. An employee of a small employer who is eligible for a qualified retirement plan under section 3(7) or a SEP IRA, or the defined contribution plan under section 408(r), or the qualified employee rule under section 414(i), and who owns at least 5% of the eligible employer's stock may participate in such company's SIMPLE plan. The maximum match or contribution the employee can make when an employee contributes to the SIMPLE plan is equal to the employee's share of the employee's earnings on any contributions, if any, made to the SIMPLE plan. The minimum contribution for an employee participating in the plan is 2% of the employee's compensation. Additional information on the SIMPLE plan and the other plans that qualify an employee as a qualifying small employer can be found on the “Individual Retirement Accounts” page of the IRS website. Form 5304-SIMPLE is a savings incentive matching plan that provides a monthly cash benefit to eligible participants who contribute to the plan or who contribute to an employer-sponsored retirement plan. Form 5304-SIMPLE is available through a tax-favored 401(k) plan, through self-directed IRAs, or through a self-directed SIMPLE IRA. The SIMPLE plan matches a proportionate part of your pre-tax contributions through a plan defined contribution plan, or through a SIMPLE IRA. The benefit is allocated monthly to participants based on (1) your contribution or match level to the SIMPLE plan, and (2) the plan's annual earnings capacity, as defined by the employer. The plan's annual earnings capacity is defined by the plan's terms, and by state law in most cases. If an eligible participant contributes less than 5% of his or her compensation during the plan's annual earnings period, up to the annual earnings capacity of the plan, the plan may distribute that participant's excess contribution to another participant, and any excess contribution from one participant to another or to another participant's beneficiary shall be treated as a withdrawal from the SIMPLE IRA. The earnings capacity of SIMPLE plans varies from plan to plan. If a plan has no earnings capacity, the plan may distribute all available matching contributions to eligible participants, regardless of contribution or match level.

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