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CO online Form 5304-SIMPLE: What You Should Know

Plan Participants. SIMPLE IRA Plan and Employer Guides SIMPLE IRA Employer Guide — Alliance Bernstein SIMPLE IRA Employer Guide — Lord Abbott Instructions. If you cannot find the IRS Form 5304-SIMPLE company profile that corresponds to the company name you will need to find the employee designation that relates to the company name. If you cannot find the employee designation on the company Profile, use the appropriate designation on the SIMPLE IRA Employer Guide. Step 11 Enter the employee designation on the SIMPLE IRA Employer Guide Complete IRS Form 5304-SIMPLE Articles I through VII and Model Notification to. Plan Participants. SIMPLE IRA Plan and Employer Guides SIMPLE IRA Plan — Lord Abbott Signing the SIMPLE IRA Plan and Employee Form Step 12 Enter the SIMPLE IRA Plan Payroll Processing Authorization Form, Federal/State/Local. In the first box: enter the full name of the employer. Enter the street address of business. Enter the telephone number. If there are no locations listed, enter. The second box selects the county from which the employer resides. If the employee is a minor, enter the Social Security number, date of birth, and date of immigration (U.S. Citizenship and Immigration Services). The third box selects the county from which the employee graduated, if the employee is a minor. The last box of the SIMPLE IRA Plan (Form 5304-SIMPLE) contains additional information. In a small business, the purpose of the plan is to provide the employee with a tax-free contribution of pre-tax wages of an amount up to the amount contributed. In a large business the total amount included in employee wages is limited to a certain percentage of earnings. When the employee fails to contribute the minimum amount which may be a result of an inadvertent mistake, the employer is required to withhold the appropriate amount from the payroll. The employee's employer will send a form (Form 5304-SIMPLE) to the employee, by mail, on or before the anniversary of the tax-free contribution amount. The employee's employer will withhold a 10% penalty from the payment for failure to file by the deadline, within the time to request a return. The employer will also pay a penalty of 1/3 of the tax-free contribution amount against the employee's check when the employee does file, with a statement of that fact attached to the check. The employee will receive a separate statement when the employee does not contribute enough.

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