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Massachusetts Form 5305-SIMPLE: What You Should Know

The SIMPLE Act of 2023 is a complex reform of the Internal Revenue Code. It was signed into law December 24, 2010, by President Obama and designated as a major legislative achievement by members of both political parties. SIMPLE is an act of Congress enacted by the 110th Congress as joint resolution. SIMPLE allows small employers to offer SIMPLE IRAs (Employee Savings Incentive Match Plan (SIMPLE)) for employees to save for retirement. It is not an IRA. Employees may contribute after-tax dollars to their SIMPLE IRAs as authorized by the law without any restrictions or conditions. The law permits employee contributions to their SIMPLE IRAs to be made as a percentage of an employee's compensation up to the maximum annual contribution limit of 64,000 per calendar year. SIMPLE IRAs may be subject to additional state, federal, and/or local tax. To read more about SIMPLE, SIMPLE for employees of small employers and SIMPLE IRAs on this Website contact  Brent M. Belong, CFP, CFP-L, c/o BlackRock, Inc., PO Box 2315, Belleville, Maryland, 20742 Phones: 1.888.632.0270 or via e-mail at bmcmcblackrock.com It's a big change: The Retirement Savings Incentive Match is now a Roth IRA Starting January 1, 2010, the amount an employee can make in Roth contributions will be limited to the greatest of: 1) 20% of compensation; or 2) 10% of compensation. The Retirement Savings Incentive Match program provides employers an additional bonus for their employees by reducing the tax deduction for employees' contributions to retirement savings accounts for those employees that elect Roth IRAs. The maximum amount the employer can contribute is now fixed at 5,500 per employee per year. Employers are now required to match employee contributions up to an amount of 51,000 as a percentage of the employee's salary. There are several tax benefits under which the employee can receive his/her additional contributions tax-free.

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