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  • Form 5305-sep (rev. January 1997 )

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Form 5305-SEP Rev. January 1997 OMB No. 1545-0499 Simplified Employee Pension-Individual Retirement Accounts Contribution Agreement Department of the Treasury Internal Revenue Service DO NOT File With the Internal Revenue Service Under section 408 k of the Internal Revenue Code makes the following agreement under section 408 k of the Name of employer Article I Eligibility Requirements Check appropriate boxes see Instructions.

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Use Form 5305-SIMPLE if you require all contributions under the SIMPLE IRA plan to be initially deposited at a financial institution you designate. The SIMPLE IRA plan is adopted when you've completed all appropriate boxes and blanks on the form and you (and the designated financial institution, if any) have signed it.

∎ IRS Form 5305-SIMPLE, Savings Incentive Match Plan for Employees of Small Employers. (SIMPLE) - for Use with a Designated Financial Institution, if you require that all. contributions under the SIMPLE IRA plan be initially deposited with a designated financial. institution.

How to Fill Out the Form Provide the Name of the Company. Choose the Eligibility Requirements. Indicate Whether There Are Excludable Employees. Extend the Period for Modifying the Contributions. Prohibit the Employee to Terminate a Salary Reduction Election at any Time. Indicate Contributions Amount.

The grantor is the person who establishes the trust account. Form 5305 may be used to establish the IRA trust for a nonworking spouse. Contributions to an IRA trust account for a nonworking spouse must be made to a separate IRA trust account established by the nonworking spouse. Article IV.

Use Form 5304-SIMPLE if you permit plan participants to select the financial institution to receive their SIMPLE IRA plan contributions. Use Form 5305-SIMPLE if you require all contributions under the SIMPLE IRA plan to be initially deposited at a financial institution you designate.

SIMPLE IRA accounts are individually managed by employees and are funded by both the employee and employer. SIMPLE IRA contribution limits are slightly lower than 401(k) limits, although higher than what is permitted with a traditional IRA.

The IRS has a model SEP plan document, Form 5305-SEP, Simplified Employee Pension - Individual Retirement Accounts Contribution AgreementPDF.

An employer should use Form 5304-SIMPLE if it allows each plan participant to select the financial institution for receiving the participant's SIMPLE IRA plan contributions. An employer should use Form 5305-SIMPLE if it will deposit all SIMPLE IRA plan contributions at an employer-designated financial institution.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
Content Takedown Policy
Bug Bounty Program
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
+1 833 426 79 33
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232