Get the free Simple IRA Application - Wasatch Funds

Simple IRA Application Overnight Delivery: Regular Mail: Wasatch Funds 235 W. Galena Street Milwaukee, WI 53212 Wasatch Funds P.O. Box 2172 Milwaukee, WI 532012172 In compliance with the USA Patriot

How to fill out simple ira application

How to Fill Out a Simple IRA Application?

1. Obtain the necessary forms: Start by obtaining the Simple IRA application form from your employer or financial institution. This form may also be available online for download.
2. Provide personal information: Fill out the personal information section of the application form, including your full name, address, Social Security number, and contact details. Make sure to provide accurate information to avoid any delays or errors.
3. Choose a financial institution: Select the financial institution where you want to open your Simple IRA account. This can be a bank, brokerage firm, or mutual fund company. If your employer has already designated a financial institution for its employees, you may need to choose that specific institution.
4. Complete beneficiary designation: Indicate the designated beneficiary for your Simple IRA account. This is the person who will receive the funds in case of your passing. Provide their full name, relationship to you, and contact details.
5. Determine the contribution amount: Decide on the contribution amount you want to make to your Simple IRA. This will depend on your financial goals and the annual limits set by the Internal Revenue Service (IRS). You can contribute up to a certain percentage of your compensation each year.
6. Choose an investment option: Select the investment options that are offered by the financial institution you have chosen. These options may include stocks, bonds, mutual funds, or other investment products. Consider your risk tolerance and investment objectives when making your selection.
7. Review and sign: Carefully review all the information you have provided on the application form to ensure accuracy. Sign the form to confirm your agreement with the terms and conditions outlined by the financial institution. Keep a copy of the signed application for your records.

Who needs a Simple IRA application?

1. Self-employed individuals: If you are a sole proprietor, a freelancer, or an independent contractor, you may need a Simple IRA application to establish a retirement savings plan for yourself.
2. Small business owners: If you own a small business with fewer than 100 employees and want to offer a retirement plan that is easy to administer and has minimal cost, you may consider a Simple IRA. Completing the application is necessary to establish the plan for your employees.
3. Employees of eligible employers: If you work for a company that offers a Simple IRA plan, you may need to fill out an application to participate in the plan. This will allow you to contribute a portion of your salary to the Simple IRA account and benefit from potential employer matching contributions.

Remember to consult with a financial advisor or a tax professional for personalized guidance on filling out a Simple IRA application and to ensure compliance with applicable laws and regulations.

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