Form 5304-SIMPLE

Form 5304-SIMPLE

A model form published by the IRS that is used to set up the terms of a SIMPLE IRA plan. An employer uses a separate Form 5304-SIMPLE for each employee. It is kept for the employer's own records. It is not filed with the IRS.
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As long as your company is eligible (it must have no more than 100 employees and must not sponsor another retirement plan), you can set up the plan by filling out 1RS Form 5304-SIMPLE or 5305-SIMPLE.
A prototype plan can be established by completing a Form 5305-SIMPLE (Savings Incentive Match Plan for Employees of Small Employers [SIMPLE]--for Use with a Designated Financial Institution) if the employer will choose the trustee or financial institution, or a Form 5304-SIMPLE (Savings Incentive Match Plan for Employees of Sinai!
The SIMPLE IRA is considered a replacement for the SAR-SEP IRA and must be established by an employer for employees using either Form 5304-SIMPLE or Form 5305-SIMPLE.
The employer merely completes Form 5304-SIMPLE or Form 5305-SIMPLE.
If your company qualifies, it can use IRS Form 5304-SIMPLE or Form 5305-SIMPLE to create the plan.
It can be established by completing Form 5304-SIMPLE (if contributions will be deposited in various employee-selected financial institutions) or Form 5305-SIM-PLE (if all contributions will be deposited at one financial institution).
mails its W-2s and Form 5304-SIMPLEs off to Uncle Sam, we do it at the very last minute and we do it at our favorite mailbox, the downtown Eugene post office.