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South Dakota Form 5305-SIMPLE: What You Should Know

SIMPLE IRA 5305S,SRA, SRRA 5305S,SRA-IRA, SRA-SIMPLE and PCP 5305S are the most common forms of SIMPLE retirement plans. The following is the difference between SIMPLE-IRA and SIMPLE-SIMPLE.  SIMPLE IRA: The employer is the only contributor. The employee may contribute an unlimited amount to the SIMPLE IRA, and there is no tax liability; however if the employee contributes the maximum of a 25% Roth contribution, the employer will pay a penalty. If an employee contributes to a SIMPLE IRA, the employer contributes the 25th percentile of the employee's regular income. SIMPLE-SIMPLE: The employer makes no contributions; however, the employer may make contributions and earnings on those contributions and is not required to contribute any of the earnings. The employee can contribute unlimited amounts to the SIMPLE-SIMPLE. If the employee contributes a 25% Roth contribution, the employer contributes the 25th percentile of regular salary.

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