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REMS 50 50 SIMPLE IRA Custodial Document11 15 13

REMS 50 50 SIMPLE IRA Custodial Document11 15 13 2025

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The document is a SIMPLE IRA Application for the REMS Real Estate Income 50/50 Fund, outlining the process to open a SIMPLE IRA account. It includes sections for owner information, contribution details, investment selection, payment methods, beneficiary designation, and spousal consent. The application emphasizes compliance with the USA PATRIOT Act for identity verification and provides guidelines on contributions, distributions, and tax implications associated with SIMPLE IRAs. Additionally, it contains legal agreements between the participant and custodian regarding account management and responsibilities.

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What are the new rules for SIMPLE IRAs?

The amount an employee contributes from their salary to a SIMPLE IRA cannot exceed $16,000 in 2024 ($15,500 in 2023; $14,000 in 2022; $13,500 in 2020 and 2021; $13,000 in 2019 and $12,500 in 2015 2018).

Do I have to report IRA contributions on my tax return?

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. The institution maintaining the IRA files this form.

Does a SIMPLE IRA lower your taxable income?

SIMPLE IRAs work similarly to other employer-sponsored retirement plans where employees can make pre-tax contributions to their accounts. Since contributions are pre-tax, they may help reduce a participants taxable income and tax burden each year they participate.

Is there a tax credit for a SIMPLE IRA?

Eligible employers may be able to claim a tax credit of up to $5,000, for three years, for the ordinary and necessary costs of starting a SEP, SIMPLE IRA or qualified plan (like a 401(k) plan.) A tax credit reduces the amount of taxes you may owe on a dollar-for-dollar basis.

Do I need to report my SIMPLE IRA contribution?

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.

Who is the custodian of a SIMPLE IRA?

Regardless of who makes the choice, only the following institutions can be designated as trustees or custodians for SIMPLE IRA plans: ∎ Banks, ∎ Insurance companies that issue annuity contracts, and ∎ Other IRS-approved financial institutions.

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.

Do you get a 1099-R for a SIMPLE IRA?

However, Form 1099-R will reflect any amount paid from a SIMPLE IRA directly to the trustee of an IRA that is not a SIMPLE IRA during an individuals first two years of participation in the SIMPLE IRA.

REMS 50 50 SIMPLE IRA Custodial Document11 15 13 2025

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