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Form 5304-SIMPLE for Tacoma Washington: What You Should Know
If you wish to set up a SIMPLE IRA Plan for your own employees (including self-employed workers who are not members of a union), or you cannot establish SIMPLE IRA plans for your employees, then you must first establish a SIMPLE 401(k) plan through the Employer Deferred Contribution Plan (EDP). Before doing either of the above, we would discontinue this offer. A SIMPLE IRA cannot be used by any person other than an employee or his or her estate. It cannot be offered to your spouse or any beneficiaries. If an employee's account has more than 18,000 in at least two participating financial organizations, then they are considered “qualified participants,” and a SIMPLE IRA may be created. Note: If an employee is a member of an AREA or AESA and receives a SIMPLE IRA Plan and chooses to make his contributions, then those contributions must be reported on his or her FILE for the purpose of determining Your 401(k) contribution limits. SIMPLE IRA plan documents can be found from the IRS link below, or from your local tax office. If you are going to be creating a SIMPLE IRA using this plan, you will need to make a copy of the original document for yourselves to use as a reminder. SIMPLE 401(k) — How it Works In a SIMPLE 401(k) agreement, the plan participant has a choice of participating with anyone or more of the tax-qualified or non-tax-qualified financial organizations. These include, but are not limited to, a nonprofit educational institution or a business organization. In some cases, the participating financial entity may be your employer. A SIMPLE IRA plan, without modification, may be established and maintained under Section 501(c)(3) of the Internal Revenue Code, or the Internal Revenue Code section 414(a). This plan is offered by an individual 401(k) plan administrator. It works like this: The plan administrator establishes a SIMPLE IRA Plan with two participating financial institutions. The first financial institution provides contributions to employees and the second financial institution provides employer sponsored employee contributions. Employees may contribute money to their SIMPLE IRA Plan through one or more of the following methods.
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