MI Form 5305-A-SEP 2006-2025

MI Form 5305-A-SEP: What You Should Know

You need a copy of Form 5305A-SEP (Rev. 12-2004) and Form 5305-SEP (Rev. 12-2004) for individual retirement account (IRA) 401(a) plans. For IRAs subject to FICA and Medicare taxes. File IRS form 3921 and follow the tax instructions and procedures for Form 3921 and 3921C (Form 5305A-SEP) if applicable. See IRS Form 5405A, IRA Roth IRA Plan Form 5305A-SEP (Rev. 12-2004). For IRA IRAs. If you have previously filed Form 5405A, you do not need to submit Form 5305A (Rev. 12-2004). The income limits for both the 6056 and 4972A SEP are different from the income limit set forth in the 401(a) plan, so a change under this section of code, is not applicable. The 401(a) plan may set limits for the SEP as well: 401 (k) Plan — Limits for Employee's Qualified Plans: The following table shows the income limits for an employee in a retirement plan described in section 401 (k). An employee may choose to be treated as participating under a defined benefit or defined contribution plan. An employee who is a member of a qualified plan at any time during 2018, 2019, and 2025 may choose to be treated as participating under such a plan. The employee may elect to use any of these plans (e.g., 401(k)). An employee is considered to be a participant of an eligible plan for the year if the employee meets all the following requirements. (1) No contribution is made under an eligible plan during the year, except as permitted by any regulations issued under this Code. (2) The employee is a participant of an eligible plan at the start of the year. (3) The employee satisfies the qualification requirement of paragraph (a). (4) The employer elects to allow the employee to elect for the year under section 403(b) or 403(b) plan. If the employee exceeds the limit for the employee's plan during the year, the excess shall be carried over to the following year. (5) The employee is described in section 403(b)(6) and the plan provides the employee with the option of making required distributions (see section 414(c)(6)(B)).

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