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Chicago Illinois Form 5304-SIMPLE: What You Should Know

SIMPLE IRA for a portion or all of their contributions to contribute to this plan instead. The SIMPLE IRA plan provides all employees (for each employee there is a designated participant) who are either employed by an employer or who are not using an IRA or an IRA contribution plan the opportunity to contribute to an IRA that may be part of a SIMPLE IRA. An employee may contribute to his or her SIMPLE IRA at any time by completing the SIMPLE IRA plan Form 5304-SIMPLE. Proposed Collection; Requesting Comments on Form 5304-SIMPLE Apr 19, 2023 — Abstract: Form 5304-SIMPLE is a model SIMPLE IRA agreement that was created to be used by an employer to permit employees who are not using a SIMPLE IRA for a portion or all of their contributions to contribute to this plan instead. The SIMPLE IRA plan provides all employees (for each employee there is a designated participant) who are either employed by an employer or who are not using an IRA or an IRA contribution plan the opportunity to contribute to an IRA that may be part of a SIMPLE IRA. An employee may contribute to his or her SIMPLE IRA at any time by completing the SIMPLE IRA plan Form 5304-SIMPLE. Income Tax on Non-Participating Employee's IRA An employer may use Form 5304-SIMPLE to set up a plan that provides that only non-participating employees are allowed to contribute to IRAs or contributions to SIMPLE GIRLS. In other Words: Employee must complete Form 5304-SIMPLE using their company's name Income Tax on Non-Participating Employee's IRA For Non-participating Employees:  Income tax is calculated as follows: Non-participating employee contributes 1/2 of his or her own contribution of 100 to his or her designated participant's SIMPLE IRA each year Employees must complete a Form 5304-SIMPLE and a Form 5604-SIMPLE or a copy of their company's W-2 to receive a Non-Participating Employee's IRA Plan Contribution deduction Form 5604-SIMPLE or a copy of their company's W-2 to receive a Non-Participating Employee's IRA Plan Contribution deduction If the employer makes these contributions as an employee he or she will be subject to withholding at the federal, Illinois and Federal corporate rate if the amount of contribution is above 2,000 (100 for a SIMPLE IRA.

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