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Contra Costa California Form 5305-SIMPLE: What You Should Know

If your plan sponsor requires that contributions from active and retired employees (and their families) be made by check or money order, you must complete and submit Form 5305–SIMPLE. See IRM 4.2.27.20.3, Simultaneous Reporting of SIMPLE IRA Contributions for more information on reporting SIMPLE IRA contributions from the designated financial institution only. Filed with a plan sponsor (or their designee) by August 5 of the year before the plan year or the effective date of these instructions. (Note that a “plan year” is defined as being July 1 through June 30 for 2017.) (See IRM 21.1.1, Form 5305-SIMPLE: SIMPLE IRA) Note: These instructions have been updated to reflect changes to the retirement section of the Tax Code. As the new laws change, these instructions may need to be updated.  The SIMPLE IRA program is currently available to employees only. There are no limitations regarding the amount of assets available for contributions to SIMPLE IRA plans. Also, each SIMPLE IRA plan may have multiple beneficiaries. You may wish to consider consolidating or transferring one or more SIMPLE IRA plans to a company-sponsored plan after obtaining approval to participate in the SIMPLE IRA program. For additional information about SIMPLE IRAs and SIMPLE IRAs in California, please visit the SIMPLE IRA Help Center at IRA-CA. IRS Tax Guide: SIMPLE IRAs For Employees of Small Employers — For Individuals, Filing Status, and PEERS Specialized Trust Company, Inc. —  Specialized Trust Company is currently offering one of the safest and most affordable tax-deferred plans available in the US. It offers: SIMPLE IRA — Tax-Deferred, Withdrawal Based, Withdrawal Method. SIMPLE 401(a) — Tax-Deferred, Withdrawal Based, Withdrawal Method. The SIMPLE IRA is a SIMPLE IRA plan for employees of Small and Medium-Sized businesses that receive employer funded matching contributions. IRS Publication 775, IRS Publication 605, and IRS Publication 970. Note: For information about the SIMPLE 401(a) plan, see SIMPLE 401(a) for Employees of Small and Medium-Sized Businesses.

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