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Form 5304-SIMPLE Sterling Heights Michigan: What You Should Know
City Council Agenda Item No. 1528–14, September 16, 2018, Sterling Heights, MI City Council Agenda Item No. 1528–14 September 16, 2018 2. Taxpayers who contribute to a SIMPLE IRA can have the full tax deduction as well as the additional tax deduction in the form of a SIMPLE IRA deduction. The SIMPLE IRA deduction is used to reduce your annual tax liability while an employee. 3. The SIMPLE IRA requires that an election be made by the employee in the form of the Employee's Election to Employer SIMPLE IRA form. An employee can elect to opt in or out. An SIMPLE IRA does not need to be funded during the employee's employment if the tax deduction by the IRA is contributing to the tax liability while the employee is a part of the Employer's plan. 4. The SIMPLE IRA should be funded in the year of the participant's adoption. 8th Floor, One City Center Place, Box 1401, Sterling Heights, MI 48068 — The Totals on the form represent your contribution for 2023 with a balance equal to the tax due on your contributions. 5. For 2018, the IRS will calculate the tax on the following deductions: (1) contributions to the SIMPLE IRA, (2) Roth IRA, and (3) traditional and Roth IRA contributions. The following are other provisions of the SIMPLE IRA Policy The SIMPLE IRA Plan was created as intended to meet the following goals: 1. Help participants, employers, and other third parties reduce their tax liability in the long-term. 2. Promote investment in IRA's by those who understand the advantages of the IRA. 3. Reduce the use of tax-preferred vehicles such as an IRA, 401(k) Trust, or 403(b) Plan. 4. Support ongoing public education about the benefits of the IRA. 6. Provide a safe haven account for retirement funds, which may be used for retirement, or for a long-term benefit beyond those provided by the IRA. 7. Provide an incentive for people who have earned a college degree to contribute to an IRA when they start their career. They can choose to pay taxes on their contributions, or they can avoid taxation by electing to pay taxes on their income. 8.
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