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Form 5305-SIMPLE Texas: What You Should Know

Form The IRS is encouraging you to use this form to make contributions to employees' SIMPLE IRAs, to match the IRS's own IRAs. The IRS will match your contributions up to 18,500. You can choose any IRA plan that meets the requirements for a SIMPLE IRA. The IRS will pay the balance of an employee's SIMPLE IRA for the taxable year. There is no tax benefit to transferring money to such a plan before tax-filing.  Note: Employees who are required to begin making qualifying early distributions from a SIMPLE IRA before the beginning of the calendar year will not get any of their contributions to contribute to the SIMPLE IRA matched for these early distributions. A SIMPLE IRA is an employee savings plan which may provide a tax saving incentive similar to employer tax breaks,  IRS 5304-SIMPLE Savings For Employees Of Small Employers (SIMPLE) {5304-SIMPLE} Form 8606, Simplified Employee Pension If you use this form in conjunction with Form 718, Simplified Employee Pension (Form 718) {718-SIMPLE} Form 8606, Simplified Employee Pension (Form 8606) {8606-SIMPLE}, which is used to reduce the tax, you may get a tax reduction of 8,000 (from 18,000 to 4,000) or the full amount in 2014. The IRA savings tax credit for an employee is equal to 10 percent of the aggregate contributions you make. You may have the opportunity to claim this credit in 2014 The amount available for the credit depends upon the total contributions made, the individual's age, and the individual's filing status.  You may calculate how much of the credit is available for this year using the IRS' online calculators. The calculator will generate an estimate with an associated chart. Note that the tax break may be taken in any year of 2024 (see the following table). Age (years) Married couple filing joint 18,500 Single — filing separately 12,000 Married filing separate 4,000 Married filing jointly 6,000 Head of household 4,000 To avoid double taxation, you must take steps, so the tax break does not have to be paid in a later year. For example, you may choose to contribute the full 5,000 to a SIMPLE IRA in 2024 and avoid double-taxation in either 2024 or 2016.

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