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Form 5305-SIMPLE online WV: What You Should Know
The main difference is that 5305-SIMPLE is tax-deductible for an employer while 5304 is not. With 5304 your employer will still be responsible for the taxes on the benefits you get. The benefits you get with a SIMPLE IRA are only on the contributions you make — there is no tax deferred at the end of the year, in fact you don't get any benefits at all. However, the IRA will grow tax deferred and pay out tax deferred dividends. The only exception to this is the IRS. The IRA provider has the power to choose how much of those taxes you pay, as long as the IRA is used for qualified retirement planning. SIMPLICITY IS REQUIRED An employer can only make contributions to a SIMPLE IRA if they have been provided with the Form 5304-SIMPLE by the employee of the company. An employee cannot contribute through an HSA or a SIMPLE. The IRS has a list of the companies with which the IRS has previously completed Form 5304-SIMPLE for employees. It will say the company is not currently doing it — it has been removed. You will need to ask your employer which IRA they plan do with the amount. Please, do not try to pay a money order to an IRA provider unless it is to use one of their special SIMPLE IRA offerings! The 5304-SIMPLE will be given to you after the paperwork is complete, but the IRA provider will take the money while you wait. Once they have your money to hand, they will ask for your SSN. You will then be asked for your Social Security Number (SSN) and will have to enter it on either the Form 5304-SIMPLE or on the IRS 1040. If you are an individual the SSN is only taken out on Form 1040. If you live in your parent's house, the tax return is filed and the payment is sent out. If you are a company, the payment is made to you with Form 940. The Form 940 will make the payment. If an IRA provider or your employer doesn't have an IRA they can make an IRA with another person as an agent. They do so by transferring all the money from your paycheck or bank account to the IRA with a check from the IRA provider to the agent. You must sign the document which explains exactly how your money will be paid to you (Form 1099.
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