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Printable Form 5305-S Louisville Kentucky: What You Should Know

Businesses — Louisville Kentucky. Employee Stock Purchase Plan of Contribution — Louisville KY Schedule RC-1 is issued by the IRS (Internal Revenue Service) to determine the contribution to an Individual Retirement-Employee Contributions Arrangement (IRA) (other than a Money Purchase Plan or a Money Purchase Plan that you establish and maintain for the benefit of yourself and the plan participants) for the purpose of meeting requirements of this section for an individual retirement account (IRA) created by an IRC Section 402(c). You can find this chart on IRS.gov — IRAs Form 5305 is used to establish a savings incentive plan of contributions for the purpose of meeting the requirements of this section. The following are examples of what the requirements for this section are when you issue a Form 5305-SIMPLE, Savings Incentive Match Plan for Employees of Small Businesses: Example: Form 5305-SIMPLE, Savings Incentive Match Plan for Employees of Small Businesses There are two contributions. You: • Pay a 40 administrative fee; and • Pay a 40 administrative fee for each participant. (You did not elect to make these two contributions with a money purchase plan. See The difference between a Money Purchase Account and a Money Purchase Plan.) For these purposes, the two contributions are the same amount. Therefore, the following is correct — If you are making a contribution to an IRA under a section 402(c) election, you need to establish: • A single-employer plan that meets the requirements of IRC Section 402(c(i)(1)(A)(ii); OR • As a second contribution, you make a contribution to either a traditional 403(b) plan or a traditional IRA (or to another account with a non-qualified custodian under IBR), and the plan meets the requirements of IRC Section 408(d)(2)(B)(ii). If the plan meets the requirements of IRC Section 408(d)(2)(B)(ii), your contribution may be the same as the single-employer plan contribution as listed above only if it is in addition to both the single-employer plan contribution and the traditional 403(b) plan contribution which was in addition to the single-employer plan contribution. (Note: A second contribution is not considered a tax deduction if this is the only contribution you make.

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