Abilene Texas Form 5305-A-SEP 2006-2025

Abilene Texas Form 5305-A-SEP: What You Should Know

Businesses A SIMPLE IRA will provide the employee with a taxable account that can be kept in IRA or employer plan. Form 5305-SIMPLE, Savings Incentive Match Plan for Employees of Small Businesses A SIMPLE IRA may not be an employee benefit provided by a business that is treated as a business of more than 100 employees unless it is an Employee Benefit Plan — Individual Retirement Accounts For tax year 2013: There is a maximum combined allowed contribution (ACT) that the employer and the employee each can contribute to their account. In addition, the maximum combined allowed contribution is reduced by any matching contributions. Example: In calendar year 2013, the annual limit on a SIMPLE IRA plan is 18,180. In addition to the 18,180 limit, the employer can contribute up to 5% of each employee's salary up to 9,960 each year. The employer can contribute up to 750 to each employee's account, if they have an eligible account in the plan. The total annual limit that can be contributed to each employee's SIMPLE IRA is 55,340. When the employee takes home a check the employer may choose to make a matching contribution, up to 1,100 per participant. The employer also may choose to make an additional matching contribution of up to 50% of the employee's contribution of 13,400 over his/her salary amount to their employee SIMPLE IRA account. This additional matching contribution is subject to the contribution limit. For calendar year 2013, the maximum allowed non-employee matching contribution is 1,100 to the employee SIMPLE IRA. Any amount used for matching contributions will be reported on Form W-2. To avoid a 50 extra tax, the following changes must happen for both the employee and employer. (Click on PDF for a printable form that has complete instructions.) Employees who make a SIMPLE IRA contribution to their employer's plan must make their SIMPLE IRA contributions at least 60 days prior to the pay period in which the contribution is made. Employers who don't make a SIMPLE IRA contribution to their employees' accounts must pay a 100 additional tax (for the employer and the employee).  The employer must report contributions made to an IRA in the form of Form 1099 or Form 1099-R.

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