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Form 5304-SIMPLE for New Jersey: What You Should Know
If, like me, you're working for a company whose only responsibility is providing employee benefits. Then you must fill out and sign the complete form 5304: Fill out & sign online What happens to my SIMPLE IRA? — Chub It's good news: All forms have been converted to the 2023 version. If you were to fill out the SIMPLE form as a 2023 form and keep it, you will need to redact the 5604 form. Your 401(k) or IRA could be modified or closed if the SIMPLE plan and the other accounts were opened prior to 1/1/16. If it's an IRA you opened prior to 1/1/16 then you have until 1/1/2025 to complete the IRA transfer to your new SIMPLE IRA plan. You could do this through the same process by submitting the IRS form 6201, but we do need you to follow another procedure. In order for your IRA to have the same benefits as your SIMPLE IRA plan, you must be participating in an employer-sponsored retirement plan. If you're participating in an employer-sponsored retirement plan then you must complete the plan or change your employer's retirement plan to match your plan (including a SIMPLE IRA). If it's not an employer-sponsored retirement plan, you must complete Form 8606S (instructions) and sign (or email) the letter to the administrator of the SIMPLE IRA plan. Note: If you're in the SIMPLE plan, and you transfer the account to a SIMPLE IRA prior to 1/1/16, your IRA will not include any investment options, and you will not be able to use your Roth IRA for additional retirement benefits. (This would not apply to a Roth IRA that you had been previously contributing to). After I sign the Form 8606S What happens if I get a notice by 1/1/17 that my SIMPLE IRA plan is closed? — Chub Your SIMPLE IRA may be in a bad spot. If you need to close your SIMPLE IRA plan there are 4 options (from best to worst): Move your account out and to a SIMPLE IRA for your family's benefit (or keep it as an IRA) Open a SIMPLE IRA plan for yourself.
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