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Form 5305-S for Salt Lake Utah: What You Should Know

Save and store these forms for reference. These include the form 5305-S, savings incentive match for employees of small Businesses. Form 5305-S (for individual or limited partnership) If filing together as 1 spouse or as more than 1 spouse, have all of your employer's employees sign Form 5305-S for individuals, Form 5305-S for partnerships, or both. Form 5305-S forms have a special “individual” line, whereas the partnership forms do not have one. Therefore, Form 5305-S forms are simpler to fill. If signing both Form 5305-S, Form 5305-SM (individual retirement accounts) and Form 5305-S (savings incentive), the IRS will allow you to select a plan which will match the amount of taxes you withhold on contributions to your retirement savings accounts, including 401(k)s, 403(b), and 457 plans. The IRS will NOT accept paper forms, so keep forms in a safe place, such as a computer. Be aware that the IRS will withhold a 10 percent penalty tax on distributions of amounts deposited on Form 5305-S for 401(k)s and 403(b), when the account owner does not have a filing status of “Single” or “Married filing separately.” For more information on the rules in place and a list of approved plans for retirement savings accounts, consult the Guidebook  5305-SIMPLE (Form 5305S).  The amount that you give in Form 5305-S is up to you. For more information (and additional guidance on your situation), please contact your local Small Business Development Center. This list is provided by the State of Utah as a tool for Utah small business owners.

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