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Printable Form 5304-SIMPLE Long Beach California: What You Should Know

Contributions to the SIMPLE IRA Plan. The SIMPLE IRA plan is a 401(k) Plan under Section 401(k) or its equivalent. The SIMPLE IRA plan is  3. Employee Qualifications for the SIMPLE IRA Plan. The following are qualifying employees: (a) Employees employed for not more than one year at any one employer; (b) Employees employed for not more than two years at any one employer; (c) Employees employed for not more than three and one-half years at any one employer; (d) Individuals who are members of the immediate family of an employee employed for not more than one year, except that an employee described in the first sentence of this paragraph may apply to the SIMPLE IRA plan during a two-year period without restriction. Eligibility for contributions shall  4. SIMPLE IRA Plan Rules in the SIMPLE IRA Plan. The following rules govern the application of the SIMPLE IRA plan: (a) No deduction shall be allowed in determining the amount of contributions to the IRAs or the qualified employer contributions; (b) Each employer may establish the amount by which the total annual compensation of the employees may be reduced on a pro rata basis; (c) Each employer may establish a single annual limit as to the amounts required to be deducted and accumulated for the year; (d) The maximum number of employer-sponsored SIMPLE IRAs shall be 100; (e) Prior to the first anniversary of the employee's contribution date, the maximum number of employer-sponsored SIMPLE IRAs shall be 25,250 per participant; and (f) Prior to the first anniversary of the employee's contribution date, the amounts accumulated by the employees shall be subject to the limitations in paragraph (a), (b) and (c) above, except employer contributions made to a SIMPLE IRA on a pre-election basis, and the following are exceptions: For any SIMPLE IRA in which all employees participate and at least half of all employees participate in excess of 1, 15,500 per participant. For SIMPLE IRAs in which 10 or more employees participate, 23,500 per participant. 5. Qualification for Participation in the SIMPLE IRA Plan.

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