5305 simple 2008 form-2025

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The document is Form 5305-SIMPLE, a model Savings Incentive Match Plan for Employees of Small Employers (SIMPLE) that allows employers to establish a SIMPLE IRA plan. It outlines employee eligibility requirements, salary reduction agreements, contribution types (matching and nonelective), and administrative procedures. The form serves as a legal document for employers to facilitate retirement savings for eligible employees through salary reductions and employer contributions, while also detailing the responsibilities of both employers and designated financial institutions.

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Click 'Get Form' to open it in the editor.
Begin by filling out the employer's name and address at the top of the form. Ensure that you provide accurate information as this will be used for official records.
In Article I, select either 'Full Eligibility' or 'Limited Eligibility' based on your employee criteria. If choosing limited eligibility, specify the compensation amounts and years required.
Proceed to Article II to establish salary reduction agreements. Indicate how much employees can elect to reduce their compensation and ensure compliance with contribution limits.
In Article III, outline the matching or nonelective contributions you will make on behalf of eligible employees. Specify any limits as necessary.
Complete Article VII by inserting the effective date of your SIMPLE IRA plan. This should typically be January 1 of the applicable year.
Once all sections are filled out, review for accuracy. You can then print, download, or share the completed form directly from our platform.

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Versions	Form popularity	Fillable & printable
2012	4.9 Satisfied (479 Votes)
2008	4.2 Satisfied (63 Votes)
2005	4 Satisfied (40 Votes)
1996	4 Satisfied (55 Votes)

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What is form 5305-simple?

IRS Form 5305-SIMPLE , Savings Incentive Match Plan for Employees of Small Employers (SIMPLE) - for Use with a Designated Financial Institution, if you require that all contributions under the SIMPLE IRA plan be initially deposited with a designated financial institution.

How to fill out form 5305?

Traditional IRA for Nonworking Spouse - Form 5305-A may be used to establish the IRA custodial account for a nonworking spouse. Contributions to an IRA custodial account for a nonworking spouse must be made to a separate IRA custodial account established by the nonworking spouse.

What is the difference between 5304 and 5305-simple?

How to fill out Form 5305-SEP? Read the instructions on Form 5305-SEP for eligibility and requirements. Fill in your name and business information at the top of the form. Review the eligibility requirements for employees as outlined in the form. Sign and date the form at the bottom to establish the SEP plan.