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Form 5304-SIMPLE for North Charleston South Carolina: What You Should Know

Form 5304-SIMPLE; Notice 98-4; Form 5304-SIMPLE — Schedule A Payroll Deductions: Employee Salary Reduction Election and the Employee Annual Contribution Form 5304-SIMPLE; Notice 98-4; Notice 98-4 — OMB 2. Definition of Employee. Subsection (a)(1) of Section 3015(d) of the Internal Revenue Code includes a separate category of employees that may elect for deduction purposes to reduce or waive their annual contribution for any plan with respect to which they are also a participant, beneficiary, or custodian.  IRS Notice 2008-20 — IRS 3. Eligible Employee. Subsection (b)(1) of Section 3015(d) of the Internal Revenue Code includes an eligible employee who at any time during the Plan year is (A) an employee covered by the Plan who elects to participate in a SIMPLE IRA plan, (B) covered by a SIMPLE IRA plan and makes a deduction in a taxable year for making a salary reduction election in the plan or (C) excluded as a participant or beneficiary of a SIMPLE IRA plan.  IRS Notice 2004-27; IRS Form 8824; Form 8802A 4. Deduction Amount. The deduction amount for a SIMPLE IRA election is an amount equal to the least of — (1) 1/2 of the employee's elective contributions for the year for a SIMPLE IRA, (2) any applicable employer matching contribution for the year, and (3) any applicable employer employee contribution for the year for the Plan, the Plan Sponsor, or any employer employee excluded as a participant, beneficiary, or custodian from making a SIMPLE IRA election.  If all the above amounts are applied to the employee's salary reduction election, the employee receives 0. (See IRS Notice 2004-27, Notice 2008-20, and Form 8824. ) 5. Qualifying Offer or. An eligible employee who is selected for a SIMPLE IRA plan, or a predecessor, shall be deemed to provide the Offer or with the written agreement of the Employer pursuant to which he or she agreed to allow the Employee to make a salary reduction contribution to a SIMPLE IRA plan.

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