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Form 5304-SIMPLE California Alameda: What You Should Know

Saving Incentive Match Plan for Employees of Small Businesses, to make contributions that are equal to the employer's contributions.  A SIMPLE IRA plan may also be available for an employee's dependents (under the “dependent plan” section). However, there are no requirements or restrictions on the type of plan to be used for this purpose, and the rules for these plans are a bit different from the requirements for an employer's SIMPLE IRA plan. Sitting on a golden parachute will likely not help you For details on SIMPLE IRA plans, read my post “What is SIMPLE IRA plan?” If you are not satisfied with the information in my post, you should read this page from the IRS which should provide more information on the subject, including some possible benefits of buying an IRA: The “Saver's Tax Credit” The “Saver's Tax Credit” is available to qualified U.S. citizens and residents age 65 or older with limited income who make tax-deductible IRA contributions of 5,500 or more. The credit provides a tax reduction of up to 1,000 for IRA contributions made in a calendar year (i.e. the first year of an IRA contribution is the first year of eligibility).  What is the Saver's tax credit? The saver's tax credit, as the name suggests, is a tax credit for IRA contributions made to a SIMPLE IRA plan and qualifying retirement accounts. Qualifying Retirement Accounts include a traditional IRA, a Roth IRA, an eligible rollover IRA, and a SIMPLE IRA. In order to be eligible, an individual has to pay federal income tax on the IRA contributions during their last year of eligibility. Qualifying Retirement Accounts include a traditional IRA, a Roth IRA, an eligible rollover IRA, and a SIMPLE IRA. In order to be eligible, an individual has to pay federal income tax on the IRA contributions during their last year of eligibility. SIMPLE IRA plan can save you money because it is not income tax-deductible, but that's not the point, is that the saver's tax credit provides a tax reduction (up to 1,000, even if contributed with a 1099-R) for those contributions. The tax credit also does not decrease during tax-filing intervals.

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