Missouri online Form 5305-A-SEP 2006-2025

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

This is the form you will use to create Form 5305-A-SEP or SEP prototype. Note the Form 5305A-SEP must be completed by you individually, and is used by a model IRA or SEP. If Form 5305-A-SEP  applied, the IRA or SEP may benefit from additional protections as set forth in Regulations S-K (13 CFR 240.54). In particular, §1128A requires that an IRA pay into the SEP plan in accordance with certain conditions, and §1128A(c)(2) requires that the trustee or custodian of an IRA apply the SEP plan contributions and earnings (if any) for the plan year to the IRA. The administrator of an IRA may claim under §1128A(b) an elective deferral not in arrears, regardless of the conditions, for which the SEP plan could not be used with respect to that IRA. In addition, the IRS has added additional limitations on the operation of the SEP plan. First, §3018(b)(8)(i) requires that the SEP plan must have a designated trustee in order to operate properly. Thus, the designated trustee must be a fiduciary who has been selected to act in the interests of all participants in the plan. Second, a designated trustee can be one person. However, a trustee cannot be a trustee if it was “arbitrarily selected” or there is “substantial doubt” regarding who is qualified as a trustee under the fiduciary rule. See, e.g., Rev. Run. 2004-30, 2004-12 I.R.B. 857; Rev. Run. 2006-12, 2006-13 I.R.B. 537. A trustee who fails to disclose its position as a trustee is considered an unaffiliated plan adviser for purposes of §3012(b). The designated trustee can be the IRA custodian or one or more trustees, with or without the approval of the IRA's IRA trustee.

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