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Form 5305-SIMPLE for Maryland: What You Should Know

Works by creating a trust account for the IRA. You can have the trustee create the trust account in your employer's name. In other words, you can give your employer your IRA's name, and they can then create the trust account. (You do NOT have to give them everything; in fact, you don't have to do much)  What is a SIMPLE IRA? A SIMPLE IRA is a combination IRA plan of both a SEP and SIMPLE. SIMPLE IRA plans are much simpler and easier to set up than SEP IRA plans. The only difference between a SEP IRA and SIMPLE IRA is that S Corp and LLC's cannot contribute to SIMPLE IRA plans. SEP and SIMPLE IRA plans are intended for employees only as the employer is the custodian. But, SEP IRA plans can be used by individuals as well, so you should consider getting a SIMPLE IRA plan just for yourself if you have enough money. The 401(k) Plans, IRAs, and SIMPLE IRAs Have Different Interests in Employers and Employees Apr 19, 2024 — Overview: The two types of plans — a SIMPLE IRA and a SEP — are intended for employers and employees. The only difference between them is that a SEP cannot be used by shareholders who are  not the employer of the employee(s). However, individuals who receive distributions from an SEP IRA and the employee(s) receive distributions in the form of either regular salary, or a lump sum payment. (See Table 1 of the SIMPLE IRAs table) SIMPLE IRA vs. SEP IRA: How to Compare and Understand These Two Plans? Apr 19, 2024 — Overview: There are two types of SIMPLE IRAs, S Corp and LLC. Each types consists of a designated account provider (DSP) and a designated custodian (DCP). The SEP IRA allows for the same benefits for SIMPLE IRAs as if the IRA has been set up in the IRA, but it does not take part in any tax consequences of the IRA contribution. In other words, there is no income tax deduction for contributions made. The 5304 SIMPLE IRA plan allows for the same benefits for SIMPLE IRAs as if the plan had been set up in the plan. If you are setting up a SIMPLE IRA for employees, you generally must have a DIPP.

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