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Overland Park Kansas Form 5305-SIMPLE: What You Should Know
See Notice 98-12, and the proposed collection and non-collection guidance from the new Notice Sep 2023 — Notice 2010-21 is a proposed collection change for SEP IRAs to implement the IRS definition of an IRA. See the following guidance: Sep 1, 2023 — IRS announced it is extending its existing rules on how SEP IRAs are treated for the purpose of determining eligibility for a 1099-R and calculating AGI exclusion. Sep 1, 2023 — Form 8606, SEP IRA, provides information on IRA plans. Note: Not all plan materials are included in the form. Form 5604, Tax-Exempt Individual Retirement Arrangements (Eras) provides a summary of ERA rules and requirements for IRA rollover transactions. Sep 2023 — The IRS changed the definition of a tax-exempt ERA to include Traditional IRAs with a Roth IRA or Roth 401(k). You can use IRS Form 8606 to determine if an IRA qualifies for the exclusion. Note: To view IRS Form 8606, click here or on document number 626. Sep 11, 2023 — IRS released instructions for Form 8606. The instructions will be released along with the Form 8606 at IRS.gov/Form8606. The guidance documents from the new Notice and related guidance documents are also available as a downloadable file at IRS.gov/TaxFamilies The Notice identifies what constitutes an IRA. The Notice gives examples of situations where IRA rules may apply. IRS Publication 590-A provides guidance on IRAs (see also IRAs: The Basics). Sep 27, 2023 — Effective for plan years beginning after December 31, 2016, section 512(f)(4)(D) of I.R.C. section 408(p) will be amended to exclude from the definitions of “qualified retirement plan” and “qualified retirement annuity,” a plan that does not make specified requirements for employee contributions, including the employee contribution limits under section 415(i). Sep 30, 2023 — If an employer with a SEP IRA does not make specified employee contributions described in I.R.C.
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