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Simple ira Form: What You Should Know

SIMPLE IRA Plans for Employees A SIMPLE (Savings Incentive Match Plan for Employees of Small Employers of) plan offers great disadvantages for employees that have  to make their first payroll or make a change in payroll before the year is over. It is also a disadvantage for employees who have to  contribute to an IRA in order to make a retirement payment. However, if you are looking for a great alternative to  the traditional 401(k) plan, SIMPLE IRA can be a great alternative for you or your employees. In addition,  if you have to go through IRS forms in order to set up your Simple IRA  Your employee must establish or sign an Employee Written Agreement (available at  Fidelity.com and a certified copy of the Form W-4, Wage and Tax Statement). The agreement may be formalized by the employee or completed with an accountant. The agreement must state: 1. The employee's name 2. His or her current or former Employer 3. Current Employee or Former Employee 4. Current or Former Employees 5. Current Salary and/or Payroll information 6. Current retirement account interest 7. Minimum or maximum SIMPLE IRA allocation 8. Current retirement account withdrawal restrictions 9. What benefit is to be expected under the plan 10. Any applicable employee provisions 11. A list of the company's policy on SIMPLE IRA contribution distributions 12. A list of any company requirements related to employment termination 13. All tax implications such as Form 2555, Statement of Employee Rights, for each employee 14. In addition, the employee's last name 15. The employee's Social Security number (SSN) and date of birth 16. The employee's tax-exempt income. The employer must send a copy of each form (W-4, W-3 and W-2) to the employees. If there is a dispute over the employer's  employee form, the question of whose information should be given to the employee will be decided by an  insurance company or independent underwriter.  Employee Written Agreement to Employer (PDF) for SIMPLE IRA Contribution Form. The agreement may be formalized by a lawyer, accountant or other legal representative of the employee or completed by the employee (provided  the individual completing the agreement holds a valid private attorney license and is competent to serve as  the employee's representative).

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Video instructions and help with filling out and completing Simple ira

Instructions and Help about Simple ira

Hello, my name is Kenneth Imbler Senior. Today, you're going to learn about the contribution rules behind a Simple Plan. This is not to be confused with an IRA asset or any other type of retirement plan because a Simple Plan is designed for certain benefits, but it's also designed with extra restrictions. First, if you have earned $5,000 in at least the last two years with your employer or you have the expectation that you are going to earn at least $5,000 in the next year, you are eligible to contribute to your Simple Plan. Now, here's a catch though -- you have to make sure that you do not contribute more than eleven thousand five hundred to your Simple Plan. Secondly, if you have another type of employer-sponsored program, then again that could be a SEP, it could be an employer-sponsored IRA, it could even be a 401k, 403 B, 457. You have to make sure that your total contributions to all retirement plans do not exceed sixteen thousand five hundred in 2012. Now, every year, hopefully, the government will index that up according to what they estimate inflation will be, but currently, it's sixteen thousand five hundred. It's your responsibility to make sure that you are not exceeding that total of all retirement plans. If you incur a penalty, you can't go back and say the employer should have known. The government puts that responsibility on you. The second catch with a simple program is, as you probably know, many programs can be rolled from one plan to another plan. So, you can roll an IRA to an IRA, you can roll a SEP to an IRA or the other way around. You can even roll your IRA into your 401k at work. But, you cannot roll your...