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Form 5305-SIMPLE Virginia Fairfax: What You Should Know
Apr 18, 2023 — As of the date of this notice, you are not eligible to enroll or make contributions to your SIMPLE Plan with respect to a plan year beginning between March 1, 2019, and December 31, 2019. You can use Form 5305 to be reimbursed for past contributions. When you are enrolled in your current SIMPLE/SIMPLE+ as of this date, if you did not make any contributions to your accounts by that deadline, you will be eligible for refunding the entire amount of your SIMPLE account by September 30th of that year. Apr 18, 2023 — The IRS has updated the forms 5305 and 5305A which contain the following changes: Changes to Article I: In this version, when the amount of your retirement income exceeds the sum of your earnings (that is, if your annual retirement income is 10,000, your SIMPLE IRAs and SIMPLE IRAs/SIMPLE IRAs/SIMPLE ST will also exceed 10,000) for any plan year, the excess retirement income contributions for that plan year under the SIMPLE IRA or SIMPLE ST plans may be made even if no earnings are received. Changes to Article II: In this version, the terms “Employee” and “Employee's employee” have been replaced with “Plan Participant” and “Participant” respectively. Changes to Article III: In this version, the terms “Employee” and “Employee's employee” have been replaced with “Plan Participant” and “Participant” respectively. Apr 18, 2023 — Changes to Article II: Changes to Article III: When the employee is a Plan Participant, the terms “Employee” and “Employee's employee” have been replaced with “Plan Participant” and “Participant.
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