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Form 5304-SIMPLE for Wyoming: What You Should Know
Saving Incentive to make required contributions to the SIMPLE plan. However, the IRA does not comply with all tax laws or provide for a full sustaining benefit for the employee by providing an adequate retirement benefit from the account. Therefore, there is an obligation or responsibility for the employee to satisfy any federal income contribution tax and a tax penalty imposed by the Internal Revenue Service by contributing to a SIMPLE IRA within the required 3 years of his or her retirement. This form will be replaced by the SIMPLE IRA Notice of Choice Form (simPLE-NIOC) or it has been replaced by other forms that will allow an employee to establish a SIMPLE IRA. The SIMPLE Forms, the Notice of Choice form would be considered as a Notice of Choice for SIMPLE retirement plans that are subject to the IRS Form 5304-SIMPLE and any state plan document. The Notice of Choice Form would also be deemed to be a Notice of Choice for SIMPLE IRA plan provisions that prohibit the employee from making an annual contribution to an IRA with a contribution limit or a contribution limit that is substantially higher than any IRS contribution rate for IRA contributions for a taxable year.
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