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Nampa Idaho Form 5305-SIMPLE: What You Should Know

July 2014) Individual income tax forms required for employees of small businesses are the following:  If you are the sole taxpayer for a company consisting of at least 5 full-time employees, you may elect to qualify for the SIMPLE IRA Plan. You will be required to file a Form 5305-SIMPLE (Form 5305-SIMPLE) with a U.S. Department of Labor if an employee's account is below an annual limit or has a balance below 5,000. You will also be required to pay payroll taxes. The SIMPLE IRA is a flexible savings account. You can use any IRA or SIMPLE plan to save for your retirement years. Each year, the IRS issues a list of allowable contributions. For most individual and married persons, the total of contributions for the year can exceed 5,000. It does not matter when you make the contribution, however, for certain individuals (married persons and joint accounts) the contribution must be made by April 15 of the following year. (See Publication 590-B.) For more information call . The maximum annual amount of contribution to an individual SIMPLE IRA account would be 2,500, less your earnings as a full-time employee. The maximum contribution for a married individual's single SIMPLE IRA would be 6,500, fewer his or her earnings as a full-time employee. For married or joint SIMPLE IRA contributions, the maximum annual individual amount is 36,000 and the combined maximum contribution for each IRA is 102,000. SIMPLE IRA contribution limits vary depending upon the plan. There are annual limits for each of the plans. However, there does not appear to be limits for a married individual's single SIMPLE IRA. For other individual or joint SIMPLE IRA contribution amounts, an additional annual cap may be imposed by the IRS, based upon the size of the plan account. This additional limit could be a combination of total contributions (as described above) and earnings. The IRS has not yet determined a particular amount as “the aggregate limit” (i.e., the maximum plan contribution amount for married and joint SIMPLE IRA accounts in a given year). The limit for individuals filing Form 8606 will be 1/3 of their individual SIMPLE IRA contributions for the year, while individuals filing Form W-4X will have a cap of 1/4 of their individual SIMPLE IRA contributions for the year.

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