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Form 5305-S Vancouver Washington: What You Should Know

As you can see from the form 5305-SIMPLE, it is easy to do, and it is easy to understand.  The form is a model trust agreement that contains the basic parts of a SEP account;  The trust is set up within the trust agreement. All trust fund accounts have a legal standing of the same type of account held by the trust;   Trust fund accounts are tax-free. The purpose of the trust is to generate income, tax-free, through investment of the trust fund account with the trustee The trust fund accounts are treated as passive. The trust may be established for one employee or more than one employee. The terms of the trust are determined by the amount invested and the terms of payment. The trust is not controlled by any one other person. Any person or persons, corporations, organizations, partnerships, trusts, other estates, or joint ventures who are related to the participants must all be a participant. There are other provisions including: · Any trust fund account which is established for a participant with income, gains, dividends, or other income or capital may be transferred among participants and can no longer be classified as a qualified trust, with certain exceptions. · For a trust fund account not with a participant, each participant should be a designated beneficiary for tax purposes if he or she meets the legal requirement of providing name, address, Social Security Number and a valid election, which may be filed with the IRS for qualification as a designated beneficiary to receive distributions under a SEP-IRA. • If a trustee is not a qualified person under section 408(m) of the Code, the tax-free distribution to the participant who was a designated beneficiary at the time the trustee was appointed may be disallowed if the trust fails to meet the requirements to qualify as a qualified trust under section 408(a) of the Code. • The Trustee's failure to establish the trust in a manner required by this section may be a disqualifying event that disqualifies the Trustee (as the designated beneficiary) from participating in the distribution. • The Trustee's failure to establish the trust in a manner required by this section may be a disqualifying event that causes us to revoke the authorization to distribute distributions to the Trustee (as the designated beneficiary).

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