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Contra Costa California Form 5304-SIMPLE: What You Should Know
State and local government entities have an option of reporting your status as a government entity to the federal (Internal Revenue Service), if you make SIMPLE IRA contribution(s) to your SIMPLE IRA (and this status is not otherwise required to report or collect taxes) or if your company makes qualified salary reduction contributions to each employee plan in each calendar year. The federal Internal Revenue Service (IRS), the state and local governments, and certain insurance companies may also require that you verify the status of your SIMPLE IRA contributions that you make, including your employee's account balances. To ensure that you qualify for certain federal tax benefits, including reporting and collecting taxes on behalf of the government, you must provide a valid SSN and/or a valid social security number to the IRA custodian. You can learn how to update your social security number, as well as a social security number validation form, here. If you are a member of the U.S. Armed Forces (U.S. Army, Army National Guard, or U.S. Coast Guard) who receives your retirement pay at military retirement pay rates, you will also need to include your service date on line 6 of Form 5329, Pension Claimant Statement, with an accompanying copy of your retirement pay statement and your current military payslip. A SIMPLE IRA must use a non-U.S. citizen(s) or legal permanent resident (green card holder) as its custodian if you make payments into its account using a U.S. bank account. For additional information, please read the following FAQ's. For information about the status of your federal tax responsibilities related to your retirement plan, please visit the website on the Treasury website: . The following FAQs address the question: Do I have to report my SIMPLE IRA contributions if I make them through a U.S. bank account? Answer: While you have the option of reporting your retirement plan contributions to the Internal Revenue Service (IRS) (IRS), the state of California may require that you verify your status as a government entity to the Internal Revenue Service (IRS) (IRS) and/or state of California (California) for these payments. We encourage our employees to contact the county where they are employed to discuss the requirements for verifying your employer. 2.
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