Sample 5305 simple-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 eligibility requirements for employees, contribution methods (salary reduction, matching, and nonelective contributions), and administrative procedures. The form serves as a legal document for employers to facilitate retirement savings for eligible employees while ensuring compliance with IRS regulations.

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Does a SIMPLE IRA have to file a 5500?

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.

How do I report a SIMPLE IRA on my taxes?

The IRS requires that contributions to a SIMPLE IRA be reported on the Form 5498 for the year they are actually deposited to the account, regardless of the year for which theyre made.

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.

What do you file a 5500 for?

You cannot file a paper Form 5500 by mail or other delivery service. The Form 5500, Annual Return/Report of Employee Benefit Plan, including all required schedules and attachments (Form 5500 return/report), is used to report information concerning employee benefit plans and Direct Filing Entities (DFEs).

What is the difference between 5305 simple and 5304 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.

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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).