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Meridian Idaho Form 5305-SIMPLE: What You Should Know
Vanguard Corporate Finance Division, P.O. Box 1469, Westport, CT 06. Form 5305-SIMPLE (Rev. January 2013) The Employee is generally required to contribute amounts to a Traditional or Roth IRA, or both, on or before Jan 1st of the plan year. In addition, the employee is generally required to reduce his/her total compensation to less than 165,000 on or before Jan 1st of the plan year for which the contribution(s) are made. If you are not yet a plan participant, your annual contribution maximum is currently 5,500. Your total compensation is reduced by the number of compensation-eligible employees who are not in the plan. If an employee's compensation is less than 165,000, the plan requires that the employee reduce his or her total compensation by the following amount: (i) the employee's required minimum distribution from a traditional and Roth IRA under plan regulations; (ii) the plan's matching contribution amount plus the plan's contribution to employee's 401(k), 403(b), or SIMPLE plan; (iii) other required minimum distributions from traditional and Roth IRAs not included in clauses (i) through (iii). Note. As stated above, the maximum contribution an employee may make to a Traditional IRA under this section is 6,500 for the 2023 tax year; 6,500 for 2013. Incentive Matching Contribution Amount. See Form 6055.1, the 2023 Form 6055.1 Supplemental Statement of Additional Information, 2023 Form 5305 SIMPLE IRA, and the 2023 Form 5305 SIMPLE IRA, for details on how an eligible employee can increase the maximum contribution to a Traditional IRA under this section. Required Minimum Distribution Amount. See Form 6055.1, the 2023 Form 6055.1 Supplemental Statement of Additional Information, 2023 Form 5305 SIMPLE IRA, and the 2023 Form 5305 SIMPLE IRA, for details on how an eligible employee can increase the minimum distribution from a Traditional IRA to a Roth IRA under this section. This section may be used to increase the maximum contribution amount to a Traditional IRA or a qualified retirement plan (other than a Roth IRA) under section 402(c)(1)(C) or section 408(d) of the Internal Revenue Code of 1986.
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