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Printable Form 5305-SIMPLE Visalia California: What You Should Know

Form 5305-SIMPLE Form for Tax Years 2024 & 2011 What It Does Form 5305–SIMPLE allows small business owners, employees or spouses to receive contributions from the employee's or their employer's 401(k) retirement plans without the need for Form 5455, Employer's Demand for Identity of Employer. How It Works For small businesses and their employees, Form 5305-SIMPLE simplifies the process for both contributions and IRA transactions. This form is designed for contributions by employers without a DIF request. This form does not have other requirements for IRA transactions. You can use Form 5305-SIMPLE to make contributions to the small business portion of an employee's or their spouse's 401(k) retirement plans. Employees with 401(k)'s — Form 5305-SIMPLE for Small Businesses With Individual Retirement Accounts (IRAs) A SIMPLE IRA is the most flexible type of IRA plan used to help provide employees with the flexibility to save in any tax year, as well as to provide employers with the flexibility to contribute any amount to their employee retirement plans. Employees may earn and save as much of their salary as they want without incurring a federal contribution penalty. In 2010, the U.S. Supreme Court concluded that employee contributions made to 401(k) retirement plans must be treated as wages to the extent that they exceed the amount of wages paid in the most recent year by the employees who made the contribution, as required by the tax code. The IRS has issued new rules effective January 3, 2013, that limit the flexibility of 401(k) plans so small businesses and their employees can contribute, if needed, as much as they would prefer to the plans. This form allows employees of small businesses, as well as employees in the family of a business owner, to contribute to an IRA by making a direct contribution of the employee's salary. The form also allows employees and their employers to contribute an additional amount equal to any amount the employer has paid to their retirement plans for the benefit of an employee or a former employee. Employers must follow the requirements of IRC Section 402(a) to make a contribution to their employees' SIMPLE IRA. The employer cannot do this unless the company and employee agree. Employees can only make the contribution in their employer's name, so this form does not allow employees to make contributions to the 401(k) account or the individual retirement account of a family member.

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