SIMPLE IRA Contribution Remittance - Wells Fargo Funds 2025

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The plan is funded with contributions deducted from employees salaries, and annual employer contributions. Each eligible employee can decide whether or not to participate and how much to contribute, but annual employer contributions are mandatory with few exceptions.
On Form W-2 for employee compensation, SIMPLE IRA contributions made by the employee are deducted from the wages, tips, and other compensation box, and box 13 retirement plan is selected.
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.
The employer must remit employee salary reduction contributions to the SIMPLE IRA as soon as the amounts can reasonably be segregated from employer assets but no later than the end of the 30-day period after the end of the month in which the employer normally would have paid the money to the employee.
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.
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With a Wells Fargo Advisors SIMPLE IRA, you can choose from a wide variety of investment alternatives, including stocks, mutual or money market funds, government and corporate bonds, and unit investment trusts or advisory products.
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.

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