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Form 5305-A-SEP online NV: What You Should Know

The IRS provides a “preferred” method for creating a SEP IRA by using a model traditional IRA as required by Form 5305-SEP. The IRS makes the SEP the standard for all qualified plans and programs where the SEP is the only traditional IRA. As such, there is no need to establish a SEP IRA when creating a traditional IRA that meets the definition of a “qualified” plan. However, the IRS will consider any additional benefits to be an “add-on” to the traditional IRA, such as contributions to the traditional IRA plan, contributions to a SEPT or SEP program and distributions to the participant's regular income. Because Form 5305-SEP (Rev. 12-2004) is also used with Form 5405-SEP by a SEPT Trust to establish a non-traditional plan, there are also differences between the two instruments.  Form 5305-SEP and 5405-SEP (Rev. 12-2004) are the only two options available when using SEP IRA with Form 5405 and SEPT to establish a non-traditional plan. The SEP IRA for a non-traditional plan should never be used for Roth distributions for that IRA. What to do before you create a SEP IRA You cannot use Form 5305-SEP or 5405-SEP (Rev. 12-2004) to establish a SEP IRA after July 1, 2009. If an applicant opens a non-traditional SEP IRA that has a Roth IRA that was previously available, then any subsequent Roth conversion will result in the death of the investor and will trigger the SEP (Rev. 12-84). Therefore, the only choice available if the IRA only has a Roth IRA is to make a contribution to the SEP, but you must have the trust set up as a non-traditional IRA. If you are unsure about any of this, use Form 5305A-SEP. Form 5305A-SEP (Rev. 12-2004) applies only to a SEP IRA. Form 5305-SEP (Rev. 12-2004) is available without restriction. What to do on a SEP. When to use Form 5305 A SEP must be created by a qualified employee at least two years from the date that the IRA was established (2-year rule, § 408(k)).

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