KS online Form 5305-A-SEP 2006-2025

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

If you are familiar with 5305 A, you can skip to the 5305A version of the SAR SEP forms here: 5305A SEP — SAR SEP form 5305A SAR SEP — SAR In order to calculate the Form 5305A SEP withdrawal amount (and the portion of the SEP money that is not subject to Roth conversion), enter as a negative number the amount of the SEP IRA. For example, enter a negative 4 for the amount of the SEP IRA. Do not enter anything for the remainder of the SEP money (as shown in box 7 on the Form 5305A). The IRS will then subtract from that amount amounts that can be used to convert the amount to regular income. Also, for non-returnted IRA accounts, IRS rules are that if you have more than one SEP (one or more) account with the same employer at the same time, it may be necessary to increase the amount in the IRA by 10 per cent for each IRA where the SEP was discontinued. Do not add a zero to boxes 7 and 8 of the Form 5305A, and you should get a fair idea from there of the amount of SEP money available under the SAR SEP. As a general rule, if your employer allows you to make a SEP election at any time before you qualify for a SEP IRA (because you are under age 49), you cannot make a SEP election if you are under age 49. Therefore, use the following procedures to calculate the SEP IRA withdrawal amount and the total of the SEP money that is non-preferred Roth (up to 10 per cent) and Roth conversion (up to 10 per cent). SAR SEP — Methodology for IRA Conversion For purposes of determining the SEP IRA withdrawal amount, the following rules apply. 1. If the SEP IRA was suspended for non-returntion, the amount you wish to withdraw must be based on: a. The sum of all the amounts to be taken during the suspension; or b. The sum of the excess of the amount you are withdrawing at the time of suspension, over the amount you were entitled to take during the suspension.

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