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Form 5305-S online NV: What You Should Know
Form 5304 as the SIMPLE IRA is a model trust agreement that meets the requirements of sections 408(a) and 408(p). ) 1. If applicable, complete the following instructions when you complete Form 5304-SIMPLE or Form 5305-SIMPLE. A. Make sure the Form I-R is signed and submitted with your income tax return. B. If you have not taken a deduction for contributions to your SIMPLE IRA by December 31, 1998, you should complete the Form 5304-SIMPLE or Form 5305-SIMPLE. Include the name and street address of the employer which will provide contributions to your SIMPLE IRA. 2. If the SIMPLE IRA has a contribution schedule that is not the Form 5304, complete the following instructions: To the extent that the plan provides for the use of excess contributions for any type of qualified or excess deferrals, provide the amount under (A) above, and the name and address of the person who made the excess contributions. If the plan does not permit an excess contribution, provide the amount under (A) above, and the name and address of the person who received the excess contribution. 3. If applicable, complete and sign any additional instructions that are required and return to the IRS the original form and required instructions. If Form 5305-S, Form 3115, Form 5304, Form 3101, Form 4203 or Form 4203-F are used, complete any additional instructions which are required and return to the IRS the original form and required instructions. The plan sponsor should be the person who signed these forms (the plan administrator). Additional Important Information for Employer Sponsored SIMPLE IRAs Employer sponsored SIMPLE IRAs are required to follow certain information requirements. The following table lists the most important requirements. A. Use Schedule K-1 (Payroll Deductions) to identify all employee contribution sources and identify whether there is an excess contribution exemption. Form K-1 must be completed by you, the employee's employer or other person providing the employee contribution, and provide the following information: Employee name and Employer's Social Security number. Amount of contributions to be made to each SIMPLE IRA. Deductions due. Employer sponsored SIMPLE IRAs use Form 4205, Application to a SIMPLE IRA with an Exclusion.
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