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Form 5305-SIMPLE for New Jersey: What You Should Know
Section H — Your Annual Return Section I — You need to determine if you need to file an Annual Return. Section II — You must fill out Section II for a Form 5305-SIMPLE- IRA. However, this could be filled out for other type of plans as well. The IRS does not approve and does not issue plans other than Simple. The following plans can work well. A SIMPLE plan is a savings plan where you can do all of your contributions up front and then take an annual deduction for the plan that you want to participate in. You contribute to the plans in a lump sum at the end of the year whereupon the plan assumes responsibility for paying any tax due (at the rate of the employer). The plan may pay the money back out of their own pockets. If you have any questions, please contact the IRA Planner at A SIMPLE IRA plan can help you cover expenses with reasonable results. When you have enough saved up, at the end of the year you can deposit these funds into a traditional retirement plan like a Roth IRA. Once you have put this money to work, your taxes will be lower than they otherwise would have been and the money will be available for retirement. A SIMPLE provides additional flexibility in your retirement planning. You can choose from a wide range of investment choices such as fixed income, cash or stocks. The SIMPLE lets you diversify your savings and can keep you competitive in the retirement market. There are many differences between SIMPLE and traditional IRAs and an individual has to consider the pros and cons in making a choice. One advantage of SIMPLE IRAs is that you don't have to pay income tax on the income you invest. But, this means that you must pay some early withdrawal tax as well (see the section on what happens when you withdraw from a SIMPLE IRA), if not paid when you withdraw from a traditional IRA. Why the IRS has not approved most SIMPLE plans is because it requires you to make an investment in the plan. This creates a lot of complexity and is difficult for a business plan to complete as there are no “one size fits all” plans. Most SIMPLE plans only allow for the investments that will earn high or moderate returns. This means that it is not possible or practical to have a SIMPLE plan with all the investments chosen, the plan just does not allow for that.
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