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Printable Form 5305-SIMPLE Wichita Falls Texas: What You Should Know

This form is not included in the final draft of the plan regulations, and may not be available during the comment period.  Please note that filing a Form 5304-SIMPLE is not necessary for a SIMPLE IRA to be a taxable retirement arrangement.  Form 5304-Eligible Non-Roth 401(k)/RSI Plans For the purposes of Section 401(k), “exempt” plan is, as defined in section 408(a) of the Internal Revenue Code, any plan or program that does not fall under either section 501(a) or section 402(a) of that same Code and has no more than the minimum amount of annual additions to participants.  The minimum contribution amount for all plans, including SIMPLE, must be 17,500 for plan years beginning with 2013. SIMPLE plans are intended to provide for retirement savings without a contribution from the employee. It must be borne by the employer.  Under Section 402(b)(10)(B) of the Internal Revenue Code, contributions by an employer to a SIMPLE IRA (including contributions to an arrangement maintained exclusively for the benefit of its employees), is considered taxable because of the nature of the investment. These contributions are includible in gross income.  The Internal Revenue Code contains a series of specific exceptions to include SIMPLE plans in income; however, the overall law and IRS regulations prohibit SIMPLE plans from receiving an exception when they are considered “pass-through” plans.  For additional information see IRS Pub.

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