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Cary North Carolina online Form 5305-A-SEP: What You Should Know

Form 5305-A Traditional Individual with Deduction Simplified Employee Pension Plan (SEP) Contributions — Your employer may make a SEP contribution to your behalf into this IRA up to 25% of your compensation not  Form 5305-A Traditional Individual with Deduction and Deduction Exemption Simplified Employee Pension Plan (SEP) Contributions — Your employer may make a SEP contribution to your behalf into this IRA up to 25% of your compensation not  Form 5305-A Traditional Individual Retirement Arrangement (IRA) Roth IRA See Notice 2009-31R — IRA Tax Deduction for Employees Example: You are receiving 100,000/year compensation from your employer. An additional 5,000/year will be deducted from your compensation by your employer. 10,000 (30% of 100,000) = 5,000 Deduction See IRM 5.22.1.3.1.4, Individual Retirement Arrangements for more information. An IRA for your spouse does not have a separate section for SEP contributions. Example: If you are self-employed you may be able to make an SEP IRA for your spouse, but do not have to contribute to the plan. See Rev. Pro. 2010-4 — Individual Retirement Arrangements for more information. For information concerning the SEP IRA deduction, see IRM 25.23.4, SEP IRA. Example: Your employer sends you Form 1099 and Form 3115 – SEP IRA Distributions. You received a separate section of 25% of your compensation not includible to a SEP IRA for each pay period and are entitled to a deduction of 25% of your gross income. There is no separate SEP IRA for the first 15,000 of your gross income. If the gross income is 25,000 or less, and the SEP IRA contribution would exceed 3,000/10,000, you may choose to make a separate SEP IRA contribution for any SEP IRA contribution of the overage you receive. If the AGI exceeds 50,000/75,000 and the AGI is greater than these limits, then you must include all the portion of the SEP IRA contribution that exceeds 3,000/10,000. For more information concerning the SEP IRA deduction, see IRM 5.

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