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Toledo Ohio Form 5304-SIMPLE: What You Should Know

For more information, please visit “How To Use IRS 5304-SIMPLE” in the IRS For Individuals page. 5304- SIMPLE Plan (. Etc. — Home) The Toledo Clinic: 1. What is the SIMPLE IRA Form 5304-SIMPLE and how is it good for Employees of Small employers (SIMPLE). A SIMPLE IRA for Employees of Small employers (SIMPLE) plan is just that — a SIMPLE IRA. There are many types of SIMPLE plans for small businesses, some of which are covered on this page. SIMPLE plans are a type of employer sponsored savings and investment plan (as are traditional IRAs and 401k plans) for non-highly compensated employees. The SIMPLE IRA is typically created as a contract. There are no limits on the number or type of participants, so long as there are at least two participants, you have to have at least one of the two participating employers participate in the plan, and both are participating in the plan as the employer(s) who created the plan. SIMPLE plans, however, do not fall under Internal Revenue Code Section 401(k) of the Internal Revenue Code as defined by Section 401(k)(2) of the Internal Revenue Code. In order to establish such a savings option, the SIMPLE plan provides as a benefit for participating spouses the right to receive a cash lump sum from the employee on the attainment of age 62 and continuing eligibility for Social Security benefits. The lump sum has no income or withholding obligations on the cash amount. The SIMPLE IRA option also requires that each spouse contribute a percentage of his or her earned income. This is generally 10-15% of the employee's eligible compensation. The SIMPLE IRA is also the most advantageous tax planning tool for employers because the SIMPLE IRA allows an employee to achieve the maximum deduction that he or she can take on taxable income for the year without having to comply with the income limits. 2. For Employees of Small Employers (SIMPLE) plans can the employer pay for the SIMPLE IRA (other benefits). The SIMPLE IRA is not an employee-funded retirement plan in that it does not provide a retirement benefit to the employees unless the employer pays for it.

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