1996 5305 simple form-2025

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The document is Form 5305-SIMPLE, which outlines the Savings Incentive Match Plan for Employees of Small Employers (SIMPLE) under section 408(p) of the Internal Revenue Code. It provides a framework for employers to establish a SIMPLE plan that allows eligible employees to make salary reduction contributions to their SIMPLE IRAs, with the employer making matching or nonelective contributions. The form details employee eligibility requirements, contribution limits, and administrative procedures, emphasizing that it should not be filed with the IRS but kept for records.

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Click 'Get Form' to open it in the editor.
Begin by filling in the 'Name of Employer' at the top of the form. This identifies who is establishing the SIMPLE plan.
In Article I, select either 'Full Eligibility' or 'Limited Eligibility' based on your employee criteria. Fill in any required compensation amounts.
Proceed to Article II and complete the salary reduction election section, specifying the percentage or dollar amount for employee contributions.
In Article III, indicate whether you will make matching or nonelective contributions and fill in any necessary limits.
Complete Article VII by inserting the effective date of your SIMPLE plan.
Once all sections are filled out, you can print, download, or share the completed form directly from our platform.

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Versions	Form popularity	Fillable & printable
2012	4.9 Satisfied (479 Votes)
2008	4.2 Satisfied (63 Votes)
2005	4 Satisfied (40 Votes)
1996	4 Satisfied (55 Votes)

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How to fill out form 5305?

How to fill out Form 5305-SEP? Read the instructions on Form 5305-SEP for eligibility and requirements. Fill in your name and business information at the top of the form. Review the eligibility requirements for employees as outlined in the form. Sign and date the form at the bottom to establish the SEP plan.

What is form 5305-simple?

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.

What is the difference between 5304 and 5305-simple?

Traditional IRA for Nonworking Spouse - 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.