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Murfreesboro Tennessee Form 5305-SIMPLE: What You Should Know

Form 5305-SIMPLE (Rev. March 2012) — IRS | Advanced Underwriting Consultants FORM 5305-SIMPLE: Savings Incentive Match Plan for Employees of Small Employers (SIMPLE) Form 5305-SIMPLE was created by the IRS to allow a savings plan to be used to establish an IRA plan for participants in a SIMPLE IRA. The SIMPLE IRA plan can either be an alternative to an existing IRA plan (like a SIMPLE IRA) or it can be a SIMPLE IRA; the employer may make a SIMPLE IRA contribution. SIMPLE IRAs are a type of Retirement Savings Plan (RESP). For more information on Rasps, see Appendix 2 on RESP Basics. The following statements apply to SIMPLE IRAs only.

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