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Simple contribution form 2025

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The document is a SIMPLE IRA Contribution Transmittal Form provided by Charles Schwab, which outlines the process for employers to remit contributions to SIMPLE IRA plans. It includes instructions for submitting contributions via check or MoneyLink, emphasizes the importance of providing complete and accurate information to avoid processing delays, and requires employer authorization for the contributions.

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Click ‘Get Form’ to open it in the editor.
Begin with Section 1, 'Employer Information.' Fill in your business name, Federal Tax Identification Number (EIN), address, and contact number. Ensure all fields are completed accurately.
Move to Section 2, 'Transmittal Instructions.' Choose whether you will deposit a check or use MoneyLink for contributions. If using MoneyLink, provide the transfer amount and bank details.
In Section 3, 'Contribution Information,' list each employee's name, Schwab account number, Social Security number, salary deferral, employer contribution, and total contribution. Double-check that totals match your payment method.
Finally, complete Section 4 by signing and dating the form as the employer or authorized representative. This confirms your authorization for Schwab to process the contributions as specified.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

Is Form 5304 simple or 5305 simple?

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 an example of a SIMPLE IRA contribution?

Example: Bobs annual salary is $50,000 and he starts contributing to his employers SIMPLE IRA plan on September 1. He contributes $1,536 through December 31. Bobs employer must match Bobs contributions up to 3% of Bobs calendar-year compensation, or $1,500 (3% of $50,000).

Where are SIMPLE IRA contributions reported?

Filing requirements: An employer generally has no filing requirements and does not need to file an annual Form 5500 return. W-2 Reporting: SIMPLE IRA contributions are not included in the Wages, tips, other compensation box of Form W-2, Wage and Tax Statement PDF, but check the Retirement Plan box in box 13.

Where do simple contributions go on tax return?

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.

Who can make a simple contribution?

Participate in a SIMPLE IRA plan An employee (including a self-employed individual) who: earned at least $5,000 in compensation during any 2 years before the current calendar year and. expects to receive at least $5,000 during the current calendar year.

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Where to enter SIMPLE IRA contributions on tax return?

Where do I report the contributions I make for myself to my SIMPLE IRA? Report both your salary reduction contributions and employer contributions (non-elective or matching) for yourself on Part II - line 15 of Form 1040 Schedule 1.

Are SIMPLE IRA contributions shown on w2?

SIMPLE IRA contributions are not included in the Wages, tips, other compensation box of Form W-2, Wage and Tax Statement. However, salary reduction contributions must be included in the boxes for Social Security and Medicare wages.

Where do contributions go on tax return?

Charitable contributions are entered on Schedule A (Form 1040) Itemized Deductions, Lines 11-12.

Simple contribution form 2025

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How to use or fill out the simple contribution form

See more simple contribution form versions

Complete this form in 5 minutes or less

Got questions?

Is Form 5304 simple or 5305 simple?

What is an example of a SIMPLE IRA contribution?

Where are SIMPLE IRA contributions reported?

Where do simple contributions go on tax return?

Who can make a simple contribution?

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Where to enter SIMPLE IRA contributions on tax return?

Are SIMPLE IRA contributions shown on w2?

Where do contributions go on tax return?

charles schwab simple ira form

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