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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.
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. Specific Instructions.
Form 5305 is a model trust account agreement that meets the requirements of section 408(a). However, only Articles I through VII have been reviewed by the IRS. A traditional individual retirement account (traditional IRA) is established after the form is fully executed by both the individual (grantor) and the trustee.
Disadvantages of a SIMPLE IRA include their low contribution limits they are lower than the other two types of self-employed retirement plans. Other downsides include the strict requirements around plan loans, early withdrawals, and rollovers.
If you are correcting an excess contribution after your tax- filing deadline and you wish to carry forward the amount of excess contribution in subsequent years, you must file a Voluntary Correction Program (VCP) and file IRS Form 5329 (employee may be subject to 6% excise tax) and Form 5330 (employer may be subject to
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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.