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Printable Form 5304-SIMPLE Oxnard California: What You Should Know

Use Your Own Plan! If your company does not provide a SIMPLE Plan or does not have your name registered on it, then you can set it up yourself with a simple online  SIMPLE IRA, which will allow you to keep all the investments in the plan, even if your company goes under. In all, you should set up your own SIMPLE Plan to contribute your salary, but the benefits are the same as with other plans. Simplicity is a plan that encourages savings over time. Many people who enroll in Simplicity set the amount of savings to be matched or the percentage of salary that the SIMPLE Plan will invest into a SIMPLE IRA at the beginning. Simplicity requires the contribution to be made in the first calendar year and to continue contributing up to 50% of the eligible salary after the first year. For the first two years, employers are limited in the percentage of the salary, based on the requirements of the plan. For SIMPLE IRA Contributions, only 3% is used for the early years, and then you are able to continue working a full year, without making the contribution to the SIMPLE IRA. SIMPLE IRAs are not taxed on the first 12,000 of cash and investments deposited into them. You will be taxed once you withdraw the funds. There are no other requirements for enrolling in SIMPLE IRAs. However, all participants must have a valid Social Security number and a minimum of 50,000 total assets. If you do not meet these requirements, your SIMPLE IRA could qualify as a Roth IRA. We recommend that you do not enroll in a SIMPLE IRA as a non-qualified plan. SIMPLE IRAs are available to you if you are an employee of a small employer with fewer than 100 employees, who does not currently contribute to a SIMPLE IRA, and who does not own a single-family home. However, your company will have to make some changes to be a SIMPLE IRA plan with a limited contribution. You may have to hire an employee fiduciary — that is, an experienced, highly knowledgeable person –to be the plan sponsor.

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