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Printable Form 5304-SIMPLE New Orleans Louisiana: What You Should Know
SIMPLE IRA Contribution Limits. Maximum annual SIMPLE IRA contribution limit. The amount of SIMPLE IRA contributions made during the calendar year by any One (1) Individual will not exceed the following limits: In the calendar year: 50,000 if: the employer contribution is made on or after January 1, 2001; and the Individual has worked for the Employer for at least 1,250 of the calendar year; and The plan or arrangement may not reduce any tax due by more than 5% of the total SIMPLE IRA amount invested in the plan. 2. Simulating SIMPLE IRA Contributions For the SIMPLE IRA Plan, the IRS Form 5304-SIMPLE provides the following detailed instructions to simulate a SIMPLE IRA contribution to an SIMPLE IRA Plan. The following chart outlines some examples that are typical of the types of SIMPLE IRA Plan contribution amounts that can be made using the instructions in this SIMPLE IRA Contribution Table 1. The tax rate is the same as the maximum rate on SIMPLE IRA contributions: If you have already made IRA contributions: You may continue making IRA contributions to the plan. See IRM 188.8.131.52, Contributions To SIMPLE IRA Plans and If you are filing IRS Form 5304-SIMPLE (Revised June 2010) : The SIMPLE IRA Tax Deduction can reduce your IRA contribution limit even though you have already made IRA contributions. This deduction is limited to 15% of the individual's contribution maximum. If a Plan Participant makes IRA contribution(s) totaling more than the individual's contribution limit, the amount by which the maximum amount exceeds his or her contribution limit, will be allocated (rounded down to the next lowest amount) to the individual's qualified pension contributions. The Qualified Pension Contribution tax credit is equal to 30% of the qualified contribution; however, the credit provided to a SIMPLE IRA Participant is 10% of the qualified contribution (but to the extent not enough tax is deducted by the Plan Participant at the time of contribution, a portion of the credit will be refunded.) 3. Simplified Rollover Rules. Simplified Rollover of IRA Contribution Limit.
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