TN Form 5305-A-SEP 2006-2025

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

The employer must obtain a signed statement from the employees stating that the terms of the SEP are within their control (such as the terms of the plan) and that they understand the consequences of leaving the SEP before the plan's end date. Failure to do this indicates a “clear and convincing” showing of an intent to leave the SEP on the end date specified on the IRA Application. The SEP was established after January 1, 1996 (by an earlier version of this website) and provides for elective employee contributions even if the contributions are made under a salary reduction agreement. The Retirement Plan for a Large Corporation or Association of Corporations The retirement plan for a large corporation or an association of corporations must be designated pursuant to Treasury Regulations section 4975. If the retirement plan was not designated by the employee in the Employee Handbook or on one of the IRS forms below, the name of the plan should be included in Appendix C in the Employee Handbook, page 12. A SEPT is not a SEP. Employer may enter the following information in the application: plan name,  amount of compensation (from the Form 1040, Schedule C, Part I or Form 1040, Schedule C, Part II), name of individual, date of birth, and Social Security number. For more information: What are SEP IRA Contributions? An employee is eligible to make a SEP IRA Contribution in either  a lump sum or in annual installments beginning on the “end date” in the plan or  the employee's retirement date (the day before the end date of the plan, if the end date cannot be determined with reasonable certainty). Contributions to a SEP IRA can be made in a lump sum or in a series of annual installments with each installment being equal to the employee's annual earnings from the employment for each year of coverage in the plan. All the eligible compensation and earnings for each year of coverage in the plan must be reported on Form 1040. For example: • Salary is 200,000 for the year,  • Earnings for the year are 10,000, • This is the year's SEP Contribution of 3,000.

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