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Vermont online Form 5305-SIMPLE: What You Should Know

Uses the IRS's designated financial institution (DFI) and your state income tax return to determine your required distributions. If you meet this requirement you can take distributions from a SIMPLE IRA account with no cost or penalty. 5305 is similar but does not use State tax returns to determine your required distributions. Example:  If the 401(k) plan allows a person, who has reached age 70 ½, to set aside an amount of money in a 401(k) plan, in the event that the person dies, the plan administrator should transfer the amount on which you have designated as required distribution(s) from the 401(k)'s account to an IRA that is a SIMPLE IRA plan. Form 5304-S Simple Individual Retirement Account for Simpler Tax Planning by May 19, 2013. The form was developed to assist individuals in determining retirement and estate planning needs for a SIMPLE IRA. The first purpose of this form is to simplify the process of making determinations about the method of distribution of 401(k) plans for SIMPLE IRA participants. This form, the 5304-S, is a self-paced, complete form that guides you in understanding your retirement and estate planning needs for a SIMPLE IRA, which can be used as a retirement account. You can complete the form in less than an hour. It is intended for individuals who are planning to use SIMPLE IRAs (and any other retirement account) as a tax-deferred savings vehicle for the sole purpose of paying their income taxes. It may not be appropriate for use by an employer; the purpose of an employer's SIMPLE IRA is to offer an employee the flexibility to use that account to pay income taxes. Example: A retiree who may be 65 years old with no children, who did not receive unemployment benefits during the period from January 1, 2013, to December 31, 2013. However, because the retiree has not contributed to the plan, he is assumed to have paid all or part of his income taxes on his Social Security and Medicare benefits. Taxes paid by this retiree in 2023 would contribute 2 percent of his income, leaving this individual with a taxable income of 62,000.

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