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Form 5305-SIMPLE for South Carolina: What You Should Know

It's Not Too Late!  Form 5305-SIMPLE Apr. 18, 2023 (Rev. April 2017) — The IRS has released its new guidelines  about Form 5305, the Savings Incentive Match 401k Plan (SIMPLE). A summary of your rights is also presented. This page is not meant to be a substitute for the IRS' Form 5305 instructions: they are the official IRS instructions for this plan. When reading them you have to read and obey the instructions (which are only on-line).  This page is meant to document everything about this form, not to answer all of your questions. If you have other questions, please review  the IRS guide: “ The IRS guide to 401k plans — Jan. 2018 Taxpayers generally may deduct contributions for their own accounts as long as they elect to do so. For tax years beginning after 2016, if you do not make any early money withdrawals for a year, you may not deduct any amounts. The current effective tax rate (tax on net investment profits/deduction on distributions before capital losses) for 2023 was 21%. For 2023 it was 25%. If your taxable income from self-employment (self-employment tax) exceeds 121,000 for a single or 183,000 for a married couple filing jointly, (or 157,000 for individuals married filing separate) you may not deduct contributions to a SIMPLE plan. In other situations, you may deduct contributions for self-employment taxes in excess of the SIMPLE exclusion (which currently is 17,200 in a single year or 29,900 for a married couple filing jointly). If you are a high income taxpayer, see The Federal Tax For information on other situations, see this guide. If you do NOT meet the above requirements (no early withdrawal penalty) but you still want to use a SIMPLE plan, you also can get a SIMPLE IRA plan on-line by: -- Clicking on the link -- clicking on the “Get Started Now” button. -- entering your information and clicking the “Continue” button. -- filling out and signing the electronic form on-line and submitting it along with the contribution form. -- printing out the paper form. See IRS.gov for more information about SIMPLE and IRA plans.

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