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CO online Form 5305-SIMPLE: What You Should Know
SIMPLE. This may be used to adopt the SIMPLE IRA plan if you already have an approved SIMPLE IRA (Form 5015-SIMPLE) or to provide information for an existing SIMPLE IRA plan. The application form may be requested by emailing If you already have a 5015 or 5304SIMPLE, you can still use Simple IRA Plan Adoption Form (Form 5305-SIMPLE-P) or SIMPLE IRA Plan Adoption form (Form 5305-SIMPLE, Form 5304). The form that you will receive from Vanguard requires that you verify for vacation in this area. For information about filing your own form see the Application Procedure in the Publication 778 for Small Employers and SIMPLE IRAs. The SIMPLE IRA plan is designed as a way for an employer to offer more money to an employee who is better able to pay for his/her own retirement and less likely to draw on funds that would be available to other employees. A SIMPLE IRA plan can include: 401(k) plans. 457 plans. Pension plans. IRA accounts. SIMPLE A annuity (or SIMPLE AS) It is important to know that you must be an employee of an employee owned business (EOB) to qualify for coverage under the SIMPLE IRA plan. To be an employee owned business, an organization must be organized solely for the purpose of providing employment and must be able to demonstrate to the IRS that it is conducting a regular business. You do not need to own a stock, bond, or annuity to qualify if your business is a corporation, limited liability company, partnership, or S corporation. If you are an individual who elects to purchase or sell stock, you may be responsible for your share of taxes paid as an individual shareholder on a stock purchase for a year. When it is used for a SIMPLE IRA plan (or adopted under the SIMPLE IRA plan) by an employee-owned business, the employee-owned entity must maintain a list of current and former employees who contribute or receive SIMPLE IRAs. The employee-owners must update the list annually.
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