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This notice modifies and supersedes Notice 97-6, providing guidance on SIMPLE IRA Plans including contributions, employer eligibility, and employee elections as per Internal Revenue Code § 408(p).
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How to fill out notice 98-4
How to fill out Notice 98-4
01
Obtain a copy of Notice 98-4 from the IRS website or your tax advisor.
02
Fill in your personal information, including name, address, and Social Security number.
03
Specify the tax year for which you are making an election.
04
Indicate the type of deduction or credit you are claiming.
05
Include any required documentation or supporting statements.
06
Review the Notice for completeness and accuracy.
07
Sign and date the form before submitting.
Who needs Notice 98-4?
01
Taxpayers who are claiming a specific deduction or credit related to their business or property.
02
Individuals seeking to inform the IRS of an election under certain tax provisions.
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People Also Ask about
Does the employer have to match 3% for a SIMPLE IRA?
How much must I contribute for my employees participating in our SIMPLE IRA plan? You're generally required to either: match each employee's salary reduction contribution on a dollar-for-dollar basis up to 3% of the employee's compensation (not limited by the annual compensation limit), or.
Is the SIMPLE IRA 2% or 3%?
SIMPLE IRA employer contribution limits for 2024 and 2025 Employers can either: Contribute a dollar for each dollar you contribute, up to a max of 3% of your compensation. Typically, employers must perform this match for 3% of your compensation, provided you contribute at least this amount yourself.
What are the downsides of a SIMPLE IRA for employees?
Cons of SIMPLE IRAs SIMPLE IRAs have relatively low contribution limits. In 2025, the limit is $16,500, with a catch-up contribution of $3,500 for people aged 50 and over. SIMPLE IRAs require employer contributions. SIMPLE IRAs penalize withdrawals.
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.
What does a 3% IRA match mean?
Employer matching contributions The employer is generally required to match each employee's salary reduction contributions on a dollar-for-dollar basis up to 3% of the employee's compensation. This requirement does not apply if the employer makes nonelective contributions instead.
Can you stop a SIMPLE IRA mid year?
Terminate a SIMPLE IRA plan Other than the first year you set up your plan, SIMPLE IRA plans must be maintained for a whole calendar year. Once started, you must continue your SIMPLE IRA plan for the entire calendar year, funding all contributions promised in the employee notice.
Do employers have to match SIMPLE IRA contributions?
The Premium IRA match is a 3% match on net contributions made to a Roth or a Traditional IRA between your enrollment date in the offer and 12/30/24 up to a maximum contribution amount of $8,000, unless you have an IRS contribution limit that is lower.
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What is Notice 98-4?
Notice 98-4 is a guidance issued by the Internal Revenue Service (IRS) that outlines the reporting requirements for certain tax-exempt organizations and transactions.
Who is required to file Notice 98-4?
Organizations that engage in specific types of transactions or activities that fall under the conditions set forth in the notice are required to file Notice 98-4.
How to fill out Notice 98-4?
To fill out Notice 98-4, organizations must provide detailed information about the transactions or activities being reported, including relevant financial data and documentation as specified in the notice.
What is the purpose of Notice 98-4?
The purpose of Notice 98-4 is to inform tax-exempt organizations of their reporting obligations and to ensure transparency in their financial activities and compliance with tax laws.
What information must be reported on Notice 98-4?
Information that must be reported includes details about the transactions, the parties involved, the amounts, and any other relevant data required by the IRS guidelines.
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