Boston Massachusetts Form 5305-A-SEP 2006-2025

Boston Massachusetts Form 5305-A-SEP: What You Should Know

It is good for two years, and then you may convert to a traditional IRA. It's time to give your employees the freedom to invest. Start your own SIMPLE IRA plan today by saving now on tax-free distributions of your  Qualified SEP-IRA accounts may be used to: • Serve as an employer only contribution vehicle, providing employees with an equal benefit to traditional IRAs; • Provide employees with a direct, one-stop-shop for all tax-advantaged retirement accounts; • Enhance employee loyalty by allowing employees to invest in a savings plan that is available throughout their working life; • Provide employees the flexibility to save and invest as they choose; • Offer employees a tax-free savings distribution with a maximum contribution limit of 2,500 per year; • Provide employers with an easy way to tax-free invest for their employees; • Reduce the tax burden for employees to save for their retirement; You can use Form 5305SEP and tax-free distributions with your own retirement plan. What is a SIMPLE IRA? A SIMPLE IRA can be a qualified or nonqualified plan. Qualified plans are managed by a fiduciary in accordance with generally accepted accounting principles. Nonqualified plans are generally not under the control of a fiduciary. They are not subject to the requirements of the Internal Revenue Code that limit what an issuer can invest in. Nonqualified plans are also subject to state and local regulations that may differ from the Internal Revenue Code. Qualified plans do require a minimum level of investment in the plan. For a nonqualified plan this minimum requirement is usually based upon the amount of money that a nonqualified plan is designed to offer. This minimum may be reduced as a result of the investment performance of the plan. The IRS considers the nonqualified plan to only be a qualified plan if the minimum investment is at least 100,000 in market value. That is, the investment cannot be an annuity or a money market account. An investment in a money market account is not considered to be an investment in a qualified plan unless it is in excess of 250,000. Why would you consider  simply pass-through when you've got a tax-deferred, qualified plan in place? Unlike a taxable account, a SIMPLE IRA's investment can include a wide variety of investments.

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