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Antioch California online Form 5305-A-SEP: What You Should Know

Form 5305-SEP—individual retirement account  (with certain IRA distributions that may be paid out under a traditional IRA (See below)  Payroll deduction If you have a 401(k), 403(b), the self-employed, or IRA, you should use the Form 5329 (1) instead of 5305 SEP. The form is for self-employed business owners.  You may also use Form 5329-SEP for non-self-employed individuals if you've already established a SEP IRA. 5305S (PDF) (1) Form 5330 In-Kind Allowances—Taxpayers with an IRA may qualify for an in-kind allowance (1) by making certain minimum voluntary contributions (also known as an in-kind contribution) and (2) make any required distributions from an IRA on a specified schedule. See IRA In-Kind Allowances in Publication 535. IRS Form 5335: SEP, IRA Simplified If the SEP IRA is to be maintained by the tax-paying spouse, then the spouse's individual retirement account is treated as an IRA. This is because the spouse is not personally liable for tax on distributions from the IRA. The account may be managed as an IRA, including the option to make regular IRA contributions. (2) IRS Form 5110 (for non-qualified SEP accounts) This form is used if the non-qualified SEP account is to be maintained and controlled by some other entity. This is often done to avoid the IRS's requirement that any entity maintaining an SEP account be part of the same business organization as the IRA. It can also be used as a “separately maintained” account, even though the account is managed as an entity. There are other entities that may do this, such as a trustee.  If you are married and are the administrator of your own IRA, see our article on Retirement Accounts in Publication 535 for more information. In-Kind Contributions--Individual Retirement Accounts (IRAs) If an IRA is being operated as an individual retirement account, and an account is set up as an IRA under Section 408(k), then contributions may be limited to a specified dollar amount. For an IRA, this dollar limit will be the total IRA contributions that the person making the contributions has made in the year. You need to be careful about making a one-time voluntary contribution to the IRA.

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