Form 5305-A-SEP for Orange California 2006-2025

Form 5305-A-SEP for Orange California: What You Should Know

June 14, 2017) Form 5304-SEC, Simplified Employee Pension Individual Retirement Account — Simplified Employee Pension Individual Retirement Account (SEPRA)--Special rule for certain multiemployer plans—Annual limit on contributions to a SIMPLE IRA Form 5304-SF, Simplified Employee Pension -- Savings plan—Annual limit on contributions to a SIMPLE IRA. Form 5304-SO, Simplified Employee Pension— Savings plan—Annual limit on contributions to a SIMPLE IRA. Form 5304-S, Simplified Employee Pension Individual Retirement Account–Multiemployer Plan—Annual limit on contributions to a SIMPLE IRA Form 5304-TS, Simplified Employee Pension Individual Retirement Account–Multiemployer Plan—Special rule for certain multiemployer plans--Annual limit on contributions to a SIMPLE IRA. Form 5304-TT, Simplified Employee Pension Individual Retirement Account—Multiemployer Plan—Special rule for certain multiemployer plans—Annual limit on contributions to a SIMPLE IRA. The purpose of the SIMPLE IRA plan is to minimize tax on savings for retirement and not to provide benefits. What This is NOT (yet) A SIMPLE IRA The following items are NOT allowed in a SIMPLE IRA : Any investment funds or securities. A cash surrender value that is more than the amount available for deposit. A retirement package such as an annuity plan or the purchase of life insurance products. A pension or profit-sharing arrangement. (Not a tax shelter!) The purchase of any type of life insurance or annuity. (Form 5402, Sales Reimbursement for Life Insurance Plans) A SIMPLE IRA that has already been funded This list contains some of the most common mistakes to avoid. If you get a bill that asks you to make contributions to a SIMPLE IRA, ask yourself the following questions: Does the contribution come from the employee's own account — i.e., does the employee control the investments? Yes The contribution is from an employee account. Yes, the contribution is allowed based on the employee account's balance at the time the contribution is made. No The contribution is not allowed because the employee account is only half-funded already Once you have answered yes to one, you need to check the other and answer the two together. A SIMPLE IRA is NOT a “Saver's Trust”.

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