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This form is used to establish a SIMPLE IRA plan allowing eligible employees to make salary reduction contributions to their IRA, along with employer contributions of matching or nonelective contributions,
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How to fill out 5304-simple
How to fill out 5304-SIMPLE
01
Obtain Form 5304-SIMPLE from the IRS website or your tax adviser.
02
Fill in the year for which you are filing at the top of the form.
03
Provide the name of the employer and the employer's identification number (EIN).
04
Complete the section about the number of employees eligible to participate.
05
In the 'Plan Designation' section, select either 'SIMPLE IRA' or 'SIMPLE 401(k)'.
06
Fill out the contribution information, specifying the percentage or dollar amount for employee and employer contributions.
07
Provide details regarding the plan's eligibility requirements, including any age or service requirements.
08
Review the completed form for accuracy and completeness.
09
Sign and date the form at the bottom.
10
Submit the form to the IRS and provide copies to employees or participants as needed.
Who needs 5304-SIMPLE?
01
Employers with 100 or fewer employees who want to establish a SIMPLE retirement plan.
02
Small business owners looking for a straightforward retirement savings option for themselves and their employees.
03
Self-employed individuals who want to contribute to their own retirement while offering benefits to any employees.
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People Also Ask about
What is a 5304-simple form for?
Use Form 5304-SIMPLE if you permit plan participants to select the financial institution to receive their SIMPLE IRA plan contributions. Use Form 5305-SIMPLE if you require all contributions under the SIMPLE IRA plan to be initially deposited at a financial institution you designate.
What is the difference between SIMPLE IRA form 5304 and 5305?
Use Form 5304-SIMPLE if you allow each plan participant to select the financial institution for receiving his or her SIMPLE IRA plan contributions. Use Form 5305-SIMPLE if you will deposit all SIMPLE IRA plan contributions at an employer-designated financial institution.
Do I have to report SIMPLE IRA contributions on my tax return?
IRA contributions will be reported on Form 5498: IRA contribution information is reported for each person for whom any IRA was maintained, including SEP or SIMPLE IRAs. An IRA includes all investments under one IRA plan.
Do I have to report my IRA contributions on my tax return?
IRA contributions will be reported on Form 5498: IRA contribution information is reported for each person for whom any IRA was maintained, including SEP or SIMPLE IRAs. An IRA includes all investments under one IRA plan. The institution maintaining the IRA files this form.
What are the downsides of a SIMPLE IRA?
Drawbacks of a SIMPLE IRA Lower contribution limits: SIMPLE IRAs have considerably lower contribution limits than other options for self-employed people, such as 401(k)s or SEP IRAs. Participant loan restrictions: Unlike 401(k) plans, participants cannot borrow against their account balance with SIMPLE IRAs.
Where do I report SIMPLE IRA contributions on 1040?
If you have a SIMPLE IRA, contributions you make for yourself are deductible on line 28 of your Form 1040. Contributions you make for employees are deductible on line 19 of your Schedule C.
Will I get a 1099 for my SIMPLE IRA?
Distributions are reported on Form 1099-R. This form reports the total amount of the distributions and any federal or state income tax withheld. Form 1099-R is mailed by January 31 of the year following the distribution, and the information is also reported electronically to the IRS.
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What is 5304-SIMPLE?
5304-SIMPLE is a form used by eligible employers to establish a Savings Incentive Match Plan for Employees (SIMPLE) IRA, which is a type of retirement plan that allows employees to make salary deferral contributions and requires employer contributions.
Who is required to file 5304-SIMPLE?
Employers with 100 or fewer employees who do not maintain any other qualified retirement plan and wish to offer a SIMPLE IRA plan must file Form 5304-SIMPLE.
How to fill out 5304-SIMPLE?
To fill out Form 5304-SIMPLE, employers must provide basic information such as the employer's name, address, and employer identification number (EIN), select the plan's contribution arrangements, and provide details about employee participation and compensation.
What is the purpose of 5304-SIMPLE?
The purpose of Form 5304-SIMPLE is to provide information necessary for establishing a SIMPLE IRA plan, facilitating employee participation in retirement savings through tax-deferred contributions.
What information must be reported on 5304-SIMPLE?
Form 5304-SIMPLE requires reporting of the employer's details, the type of SIMPLE IRA adopted, enrollment procedures, contribution values, and the eligibility criteria for employees to participate in the plan.
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