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Wayne Michigan Form 5305-SIMPLE: What You Should Know

On October 12, 2011, Plaintiff submitted a written statement regarding his account history and proposed changes to the account structure and the account options available to him. Plaintiff is using form 5305-SIMPLE to fund the purchase of a new BMW to replace the one he is now leasing. On his Form 5305-SEP, he  provided the following: I, my spouse and my two children are interested in saving for a down payment on a new car.  However, it is imperative that we set aside a substantial portion of my salary, about 7,000, as a designated savings account for the purpose of accumulating taxable income.  As explained to my wife by the advisor to my retirement plan, one could use a SIMPLE IRA to achieve this goal, by setting aside the following: Monthly Income and Expenses — The IRA provider will have a monthly income and expense account for you.  If you do not have an IRA, there is no obligation to set up a tax-advantaged account. Allocation of Money — Based on the allocation described below, the IRS may require a 7,000 allocation in savings before being able to receive the maximum tax deduction (on the first 3,000 of annual income) for the contribution. Savings — The IRA provision states that each IRA must contain: One (1) minimum required balance from each deposit received (or the equivalent amount of money for a money market or other investment). I.e. For the first 3,000 of each deposit in the IRA your account balance should be no less than 7,000.  For the first annual benefit of 1,000, a minimum balance of 5,000 on the account in the form of cash (or the equivalent in a money market or other investment) should be placed. The remaining 9,000 on your account should consist of 3,000 from these monthly investment deposits. The IRS could also determine your required contribution with the 7,000 allocation based on the required IRA contribution of your employer.  If an employer contributed a tax-deferred amount toward your IRA, you are not obligated to allocate a portion of your salary into the plan until you are eligible to receive the full amount. Your salary for the year may be deducted against your taxable income and may be eligible for further tax deductions.

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