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TN Form 5304-SIMPLE: What You Should Know

Businesses SIMPLE IRA Plan FAQ's | Ed Scott SIMPLE IRA Plan Rules Questions and Answers on the Form 5304-SIMPLE IRA Plan The SIMPLE IRA is a new type of retirement savings plan that's designed for employees who are not using a traditional 401(k) plan. It's a hybrid plan — an employer-administered plan and a non-employee plan.  You can be paid a certain compensation with your SIMPLE IRA or you can set up a SIMPLE IRA plan for your employees. The SIMPLE IRA offers higher contributions for employees than traditional 401(k) plans, higher investment options than traditional 401(k) plans and lower fees for investors than traditional 401(k) plans. A SIMPLE IRA employee can make the maximum contributions allowed under the plan rules. SIMPLE IRA plan rules may be different for employees who are employees or independent contractors and dependents. If you have multiple types of plans with different plans administrators, you will need to contact each one individually to make sure you're following each plan's rules. In order to establish a SIMPLE IRA plan, you must provide your employees, and you must pay a fee. This is a tax-preferred account. You can make contributions tax-free to one or more SIMPLE accounts, and if the account has at least 1,500 of annual operating income, you can deduct contributions to that account as income. If you hold your SIMPLE IRA in a plan custodian's name, you must include that plan in your SIMPLE IRA plan. (The plan custodian becomes the custodian of the SIMPLE IRA accounts and may make distributions to the account holders.) If you hold your SIMPLE IRA account in a corporation's name instead of in your name, you must maintain each account separately and record the number of SIMPLE accounts maintained with that account. There are a variety of benefits to using a plan over a traditional 401(k) plan, but it's important to choose carefully. The advantages of a SIMPLE IRA plan are: It makes your money grow tax-deferred. The more you contribute to a traditional 401(k) plan — or to a SIMPLE IRA plan — the more it grows. Your plan administrator can contribute a small amount to your SIMPLE IRA plan account at any time.

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