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Printable Form 5304-SIMPLE Sugar Land Texas: What You Should Know
This plan can also be referred to as an 1. SIMPLE IRA Plan — A plan that permits an employee to contribute to a specific type of investment fund (i.e., Roth IRA or traditional IRA) based on the employee's earnings. The employee must meet certain other qualifications. See the Instructions for Form 5304-SIMPLE and Internal Revenue Code Part 521, Code of Federal Regulations (“the Code”.) An employee who is participating in a SIMPLE IRA plan is not eligible for an immediate Roth IRA contribution during his or her first year of participation for a variety of reasons, including that the employee had not yet attained age 59 ½ at the time the employee made the first contribution as described in the SIMPLE IRA Plan. 2. Participation Process Requirements. An employee is eligible for a Simulated IRA Plan if The plan provides that each eligible employee may designate a financial institution (financial institution) with which to make his or her contributions. The employee chooses one financial institution at a time from among all financial institutions with which that employee has made a qualified plan contribution made during the prior calendar year. The employee makes the designated contribution at the financial institution designated by the employee. The financial institution is selected by the employee at the time of making the designated contribution. The financial institution is used to make the designated contribution. No funds will be used for the SIMPLE IRA account of any other individual. This means that the employee must have a valid financial institution selection before he or she can choose a new financial institution. The designated financial institution must comply with all requirements described in this plan documents for SIMPLE IRA plan participation. The financial institution that will make the designated contribution must also comply with all requirements for making SIMPLE IRA plan contributions. 3. Qualified Plan Contribution Limits. The designated financial institution must make a qualified plan contribution to the employee's SIMPLE IRA plan account only to the extent (using table of maximums) that the designated contribution equals at least one percent (1%) of the employee's qualified plan compensation for that year, calculated in accordance with Internal Revenue Code Section 72(p)(2); however, if the employee makes his or her SIMPLE IRA plan contribution using the formula based on the amount of the employee's compensation in the preceding calendar year (e.g.
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