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Form 5305-S for Portland Oregon: What You Should Know

Employers, please contact us at, for help with form 5305 SEP. Form 5305: Simple Individual Retirement Account — the name changes from SEP to SIMPLE, the trustee is the individual, the custodians are the trust company. Forms 5305, SS-4 and SS-6 (as applicable). The IRS will issue you one of these two forms. If you do not already have a plan, you need to complete Form 1120, Oregon 1120 (and the appropriate Oregon Schedule) (and retain them for your own records). What is an SEP IRA? A SEP IRA is an IRA that is “simple,” that is, it does not require you to enter a beneficiary name, enter a beneficiary type, and you can make transfers from the account, subject to 10% income tax on the transfer. SEP is a tax-sheltered IRA. There are other ways of investing in an IRA such as a Roth, but SEP is tax-sheltered, which lets you earn tax-deferred growth. What is SIMPLE IRA? A SIMPLE IRA is an “Individual Retirement Arrangement” (IRA) with two basic features: The individual retains direct participation in his or her own account; and, there is a trustee or custodian that is employed by the individual. Both features make the SIMPLE IRA tax-sheltered. A Simple IRA is also a “tax-free” plan. You do not need to pay income tax while contributing money to the account. The SIMPLE IRA lets you invest in U.S. Treasury securities without taxation until you withdraw those amount from the account (or for an individual, until the individual turns 67 years of age). SIMPLE IRA: The first tax-sheltered IRA, the most common type of IRA. In 2007, the IRS defined SIMPLE IRA as an IRA that was set up by an individual, does not include a separate trustee, and does not involve a custodian. It does not provide an independent right to make withdrawals from the account if the individual dies. It only provides tax-sheltered growth to the IRA.

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