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Form 5305-SIMPLE California Alameda: What You Should Know
Employers. To apply for this SIMPLE IRA plan, complete the form and file Form 5304-SIR. The IRS considers this plan to be an SIMPLE IRA plan as it provides for employee contributions without employee participation. This SIMPLE IRA plan provides employees with the choice of a traditional or investment plan. This SIMPLE IRA plan provides employees with the choice of a traditional or investment plan. This SIMPLE IRA plan provides employees with the choice of a traditional IRA or investment plan. To apply for this SIMPLE IRA plan, the employer must provide tax ID. The employer does not need to report contributions, interest, earnings, or other amounts. The employer is required to report earnings and distributions earned on the SIMPLE IRA for employee participation in the plan. If the SIMPLE IRA plan is available, the plan provides that, with certain restrictions: No cash-out benefits are allowed; Employees are entitled to an immediate transfer of money, and it may be used to purchase their own individual retirement account; and Employees are entitled to up to 20 percent of any distribution made to their SIMPLE IRA account; and Any unspent balances remain in the SIMPLE IRA account, regardless of whether the employee elects to keep the balance in their account or withdraws the funds. This SIMPLE IRA plan has no investment requirements. The only investment required is that the employee makes a contribution to the plan and in no event, shall that contribution be made by an employee for income tax purposes. Forms and instructions (see links above for current forms) Alameda County — 5305-SIMPLE-2018 (Rev. March 4, 2018) Alameda County — 5305-SIMPLE-2012 (Rev. March 4, 2012) Alameda County — 5305-SIMPLE-2009 (Rev. March 4, 2009) San Jose, CA Accounting Firm | Life Events Page | Carmella The plan was replaced by SOFIA 401k (SUPP, SEP IRA, SEP-IRA) (click for links) May 19, 2023 — The SIMPLE 401k plan is no longer available and the new SIMPLE 401k (SUPP, SEP IRA, SEP-IRA) plan will be in effect.
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