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Form 5305-SIMPLE online PA: What You Should Know

If you own more than one SEP IRA, choose the SIMPLE IRA form, not the SEP IRA.  SIMPLE IRA can help lower your  rollover fees, so be sure to complete Form 5305-SIMPLE. IRS Form 5304-SIMPLE & 5305-SIMPLE Form 5304-SIMPLE is the adoption form for these plans, and they are the plans that typically carry high fees and loads. Form 5305, the SIMPLE IRA Form, is less expensive and a less complicated form. 6. If you own more than one SEP IRA, choose the SIMPLE IRA form, not the SEP IRA.  Simulating an IRA on your Form 1040 for purposes of claiming a SIMPLE IRA or SEP IRA deduction will allow you more leeway on other forms than using a modified SEP IRA, such as Form 5015, Form 5015 N, or the Form 5015-SA. It is worth the effort to do this. The IRS does not offer a SEP IRA for the following reasons: One cannot make an election for SEP in a joint plan with two or more persons, A plan to pay a spouse, domestic partner, or dependents the “required minimum distributions” is too high because the spouse, partner, or dependent must actually take the distributions, and, A plan to allow tax-deferred investment in a SEP IRA or SIMPLE IRA cannot be part of a total investment trust. 7. Form 5305-SIMPLE does not permit the following contributions when a plan administrator changes the beneficiary of the plan: Contributions to an SEP IRA of a beneficiary who was a member of the deceased individual's plan when the individual was alive and who was a qualifying beneficiary in the individual's plan at the time the individual died; or Contributions to an SEP IRA of a participant under age 59 1/2. These forms are also no longer accepted for purposes of any other plan. 8. Form 5305-SIMPLE may be used when the following rules apply when a participant moves out of an account with a spouse or domestic partner after the transfer has been initiated: The account is transferred to a different IRA, the new IRA is subject to a rollover to an IRA, and, The participant pays his or her annual contribution to the new IRA on a timely basis. 9.

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