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Printable Form 5305-SIMPLE Maine: What You Should Know

July 28, 2024 — The federal government adopted a new adoption form for these forms, the “Form 5305-SIMPLE,” which allows the adoption of a SIMPLE plan with a designated financial institution. Form 5305-SIMPLE can not go into effect in Maine until Oct. 10, 2022. Form 5305-SIMPLE: Notice of Election for the Issuance of a SIMPLE IRA plan in Maine and Notice of Amendment for the Issuance of a SIMPLE IRA plan in the District of Columbia July 20, 2024 — The new form, Form 5305-SIMPLE, enables a SIMPLE plan to be created by any entity that is not a financial institution, which has the same options as a financial institution could have under the federal adoption rule, Form 5305-SIMPLE; Notice of Amendment of a SIMPLE IRA Plan for Individual Retirement Accounts; Form 5305-SIMPLE is a Notice of Exchange and a notice of amendment of a SIMPLE IRA plan which will be effective for rollovers which start after Dec 29, 2022. Mar 23, 2024 — The new form will become effective for rollovers beginning after Dec 28, 2018. Form 5305-SB: The SIMPLE IRA for State and Local Governments Oct 21, 2024 — Form 5305-SB is a Notice of Election by a Financial Institution. Notice 98-11 provides similar forms of adoption. The form, 5305-SB, will be effective July 2024 for SIMPLE (S-Corporation) plans where there is an adoption from any financial institution not previously considered the financial institution. Form 5305-SB includes new provisions that allow tax-free rollovers from any financial institution, even if the plan is a non-SIMPLE plan. As of July 1, 2020, a designated financial institution (determined for all participating plans and covered persons) can be a financial institution that has not been listed in Notice 98-11 for the last 10 years. A designated financial institution is considered the same as a financial institution for the purposes of section 408A(f)(3)(B)(i) of the Code that has received a Notice of Exemption under section 408A(p)(9)(XIII) of the Code, and for the purpose of section 530M(a) of the Code for the first two tax years after becoming a designated financial institution under these new regulations.

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