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Miami-Dade Florida Form 5305-SIMPLE: What You Should Know

Form 5305-STRAIGHT — for use with a Designated Financial Miami, FL 33133 Form 5305-Straight — for use with a Designated Financial Miami, FL 33133 Form 5305-SIMPLE—for use with a Designated Financial Miami, FL 33133 A retirement plan that  “does not qualify as an ERICA plan or an SIP plan for which compensation is includible in gross income, and is not exempt from the Federal government's income taxation, including a SIMPLE  A retirement plan that a state has decided must be provided to its employees by the state or its government through a plan that provides a  designated financial intermediary. The plan must be offered by or through the plan's designated financial intermediary to any person, entity,  or organization that is not a governmental unit or political subdivision and to any government employer or agency, except for an  individual who is not a governmental unit or political subdivision, and the account must be a traditional (or SIMPLE)  If this plan or a portion of the plan is not an ERICA plan or an SIP plan and is not exempt from the federal government's income. A SIMPLE retirement account may contribute to a 401(k) and an IRA. A retirement plan that provides a SIMPLE IRA must use a designated financial intermediary and all contributions are subject to the 401(k) and IRA restrictions. An IRA account that is not an IRA must be provided on IRS Form 5304 and its rules are different from traditional IRA accounts. You may contribute to a SIMPLE IRA account with a Form 5304, Contributions for Traditional Retirement Plans. Form 5304 is offered by any financial intermediary to any person, and may be used for Roth retirement plans and SIMPLE IRAs. A retirement plan that is not an IRA and that is not exempt from federal income taxation is not a traditional IRA. The IRA custodian must have the ability to make a tax-exempt rollover contribution to a SIMPLE IRA. In order to determine whether this ability is available to the IRA custodian you must first ask your plan administrator. A IRA custodian can roll over Roth IRA contributions into a SIMPLE IRA. The IRS also provides IRAs with certain tax benefits that other retirement plans are not eligible for, including tax-free rollover contributions to a SIMPLE IRA.

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