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Form 5304-SIMPLE for Akron Ohio: What You Should Know

The following may affect the amount of SIMPLE IRA contributions that can be deducted on this form. 1. The employee's name will be listed as the participant on the SIMPLE IRA. 2. The employer's name will be listed as the employer on the SIMPLE IRA. 3. Employee's address will be listed as the address of the SIMPLE IRA, e.g., “CVS Earmark Corporation-Westover” or “CVS Caremark-Westover, Kansas City, Missouri.” 4. If the SIMPLE IRA is a Qualified Distribution Plan that has become a Qualified Retirement Plan, the amount of earnings that can be deducted on the SIMPLE IRA of the employee will not be permitted. 5. If the SIMPLE IRA is a Traditional IRA that has become a Qualified Retirement Plan, the amount of earnings that can be deducted on the SIMPLE IRA of the employee will be limited to an amount equal to the employee's earnings before taxes in the previous five years minus any accumulated earnings from prior years. 6. If the SIMPLE IRA is a Roth IRA, any earnings on the SIMPLE IRA that exceed the earnings limit, will be treated as taxable income in the year in which earnings are realized from the account. SIMPLE accounts are only allowed to be opened and utilized by active Kansas City residents. May 19, 2012— Kansas City, MO State Employees: If Your Employer Is a Participating Federal Agency — State Law Requires All Pension Plans to Provide SIMPLE IRA Options {KansasCityMo. NewsCenter.

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