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McAllen Texas Form 5304-SIMPLE: What You Should Know

March 2012) is a model Savings Incentive Match Plan for Employees of Small Employers (SIMPLE). The 5304-SIMPLE program provides tax-free employer contributions to an employee's SIMPLE IRA accounts up to the annual contribution limit as established for that calendar year. The contributions are tax-free when the employee does not take advantage of an employer's 401(k) or 403(b) plan or a SIMPLE Retirement Plan through your company. A SIMPLE IRA is an individual retirement arrangement (IRA). When an IRA is set up, most employers will include in their employee contributions, up to a 5,000 annual limits. When a SIMPLE IRA is established, any employer contribution will be tax-free to the IRA. Contributions to an IRA can be made in one lump sum at any time and made for any lawful purpose. Contributions in excess of the annual contribution limit will be included in the employee's gross income and will eventually be included in taxable income upon withdrawal due to a reduction in tax-free contributions. If an employer does contribute to an employee's SIMPLE IRA, it is the Employee's responsibility to notify the company prior to contributing to his or her retirement account. The following items must be included in a SIMPLE IRA plan: For Self Contribute Allocation by Employer The Employee must sign the IRA Agreement The Employer must sign a valid IRS Form W-4, IRB 1099, or AIMS for Employee Contributions The plan must offer automatic enrollment IRS Form 1095-B, IRA Return for Employers is required for IRS review purposes. Please Note : When an employee creates a SIMPLE IRA, he or she must establish which plan, if any, will be subject to the employer's contributions. SIMPLE IRA Plans with a Non-Retirement Purpose (including the Employees who own the SIMPLE IRA) You must notify the IRS of a non-retirement purpose of any SIMPLE IRA. To notify the IRS, you can fax or mail Form 1098-R or form 8879-R from the CRA to: or 5304-SIMPLE or by mail to: CRA, Form 1098-R, IRA Return for Employers, P.O.

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