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Form 5304-SIMPLE Oklahoma City Oklahoma: What You Should Know

One SIMPLE IRA Plan for each qualifying employee. You can also select your own plan, but it must comply with the IRS¬† One SIMPLE IRA Plan for each qualifying employee. You can also select your own plan, but it must comply with the IRS¬†IRS Form 5304. ¬†See below for instructions. ¬†The¬†Form 5304 is a one-page document with the following information¬† ‚ÄúSIMPLE‚ÄĚ means that the employer must provide this plan to a qualifying Small Employer as the primary plan for its employees which is established by the employer or by a Suitability Review Panel. Your¬† Suitability Review Panel reviews your eligibility and decides if you can contribute.¬† IRS Form 5304 ‚ÄĒ SIMPLE IRA for Employees of Small¬† The employer must provide this plan to a qualifying Small Employer as the primary plan for its employees for the first taxable year of the plan. ¬†The¬† Suitability Review Panel reviews your eligibility and decides if you can contribute.¬† Employer Contributions: 8100 for the year of contribution, 5000 of which at the start of the first taxable year of the plan and 100 for each year thereafter. Employee Contributions: 2500 for each year of contributing to the plan, and an¬†additional contribution of 250 (1500 if you sign and file the form for the full year) for every 10 employees you add after the 10th,¬† If your plan is eligible to match 100 % of your salary (as long as you sign the Form 5304 and pay the balance), the following year only you may match your salary, up to 50% of your¬† In addition, an additional 15 days of matching contribution if you sign and file the form for the full year. ¬† Additional IRS Form 5304SIMPLE for Employer, Employees of Small Employers The IRS Form 5304 SIMPLE IRA can be printed out on an office level computer, or downloaded and printed and¬† signed and completed by the employee in seconds from your desktop or mobile device.¬† If you do not have your own SIMPLE or IRA plan, your employer will pay the employer match contribution for you and your employees.

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