Form 5305-A-SEP for Gilbert Arizona 2006-2025

Form 5305-A-SEP for Gilbert Arizona: What You Should Know

The employer must give each employee a copy of Form 5305-SEP and must specify in the employee's Form 1099-R, Profit-Sharing or Profit-Sharing with Employer (Form 1120S) the amount, if any, of the employer's contributions to the SEP. This amount is referred to as the “employee elective contribution” (EEC). The employer is required to make the EEC for each year the employee reaches age 25. Employers must also make the EEC to each  eligible employee. This “employee elective contribution” may be paid as a fixed amount or through weekly, biweekly, monthly or annual contributions, up to annual limits. If not, the amount may be made on a dollar for dollar basis. The amount of the EEC is adjusted for inflation every 5 years or sooner the employee turns age 25. After making the EEC to the employee, the employer may pay the employee an annual EEC that may not be more than 50 percent of the amount of the employer's contributions to the SEP. This annual EEC would be adjusted for inflation.  In addition, the employer must pay the employee an annual EEC to the plan that may not be more than 35 percent of the EEC the employee received in each of the 4 prior years in which the employee was covered. An employee cannot receive more than one set of the same amounts under a SEP. An employee may be able to make a return or report a payment under the SEP from the original plan to a SIMPLE IRA with a Simplified EIN or SEP ID card. For more information, go to and then search using “SEP contributions”.

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