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AK Form 5305-SIMPLE: What You Should Know

Although an employer plan may be established under one or more other statutory provisions, this form is intended to be used for a SIMPLE IRA. Form 5305-SIMPLE is the sole type of plan document that employees are allowed to contribute to during the plan year. Contributions to a SIMPLE Plan are made, directly or in conjunction, with a deposit of money to a designated financial institution. All contributions made by employees (or the employees agents) with respect to a SIMPLE Plan constitute the contributions of the employee to the plan. Contributions in excess of the amount that an employee would have contributed to the plan for the plan year (after subtracting any SIMPLE contributions made in connection with the plan) are treated as excess employer contributions to the plan for purposes of reporting and withholding tax under section 7064. This is a “proposed” collection and comment form for 5305-SIMPLE.  The plan is in a tentative status pending the IRS and the employer's resolution of issues with 5305-SIMPLE. The 5305-SIMPLE Plan Fix-It Guide is attached to the final form.  Related Documents: Form 5305-SIMPLE — Form 5305-SIMPLE is a model SIMPLE IRA agreement. Form 5304-SIMPLE— Notice to Employers of Interest in Form 5305-SIMPLE APA for employees of small businesses. Form 5304-SIMPLEAIPA— Notice to Employers of Interest in Form 5304-SIMPLEAIPA for employees of small businesses. Filing Dates The Notice of Intent and Fix-It Guides are the date you must file your contribution statements to the plan or the date you must file your payment statements. You may need to file them within the 10-day period specified in the Notice of Intent and Fix-It Guide. To get an updated list of the appropriate dates, see  Form 5305-SIMPLE Payroll Deductions (Payroll Tax Information to Payroll Deductions).

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