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Printable Form 5304-SIMPLE Edinburg Texas: What You Should Know

Contribution limits. The SIMPLE IRA Contribution limits for calendar year 2023 are as follows: (a) Contributions under the SIMPLE  Plan are limited to 53,000 (25,000 if married and filing jointly). (b) The individual may contribute to a SIMPLE IRA no more than 15,000 in earnings from an IRA or from a 401k or from a Profit Sharing plan. The individual may contribute to both a SIMPLE IRA and a Traditional IRA in the same calendar year, but if the total amount contributed to both is more than 15,000 then both IRAs can only be used to offset qualified salary compensation. [1] (d) Maximum contribution for a single individual is 10,000; for a married individual filing jointly the maximum is 18,000. For the SIMPLE IRA Contributions to be made, Form 5304-SIMPLE, can be filed electronically. For this plan to qualify, Form 5304-SIMPLE must be filed with the Federal Income Tax return and Form 1099-R of the SIMPLE IRA Distributions to be made for each compensation period. 3. Annual contribution limits. Each year, any SIMPLE IRA contribution is limited to the following: • The SIMPLE IRA Contribution limit is 15,000 for calendar year one (2012) and 16,000 for calendar year two (2013). • If the SIMPLE IRA Contribution limit for the calendar year has been reached during any of the three calendar years prior to the calendar year (or if the excess contribution has been made by the employer before July 1 of the year before the year during which the excess contribution was made), then the SIMPLE IRA Contribution limit for the next calendar year is reduced by 20,000. • If the SIMPLE IRA Contribution limit has been reached for at least 5 qualifying compensation periods (defined as  10,000 during each of 3 consecutive calendar years from the beginning of the calendar year through the end of the calendar year) in a calendar year and if the excess contribution was made before June 15 of that year, a penalty may apply to the compensation period in excess of 20,000. • After that, the SIMPLE IRA Contribution limit per year remains the same: 10,000.

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