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5304 Simple Vs 5305 Simple Form: What You Should Know
When you contribute to a SIMPLE IRA plan you can choose 1 of 4 options: 1. to make the contribution at the start of the quarter, the contribution is deemed to have been made at the beginning of the quarter; 2. To make the contribution at the end of the quarter, the contribution is deemed to have been made at the end of the quarter; 3. To make the contribution when the employee's plan contribution minimum is due, the contribution is deemed to have been made at the beginning of the quarter; or 4. To be paid directly to the designated employer. If you make SIMPLE IRA contributions and then later elect to make salary reduction contributions, they'll need to be applied to the corresponding employee's plan contribution limit. This is done in effect in the quarter or quarters in which you make the contribution. In addition, when you make a salary reduction contribution, you may also need to make a one-time Roth IRA contribution based upon your employer's plan contribution limit. The amount of that contribution may be equal to the salary reduction contribution that you made. SIMPLE IRA Plans In this instruction manual you will see how the contribution of a SIMPLE IRA plan has changed over time. In addition, you will find detailed instructions on how the individual contribution of a SIMPLE IRA plan and a traditional IRA plan will be made at retirement and the consequences of failure to make these contributions. Employer Guide A to D: SIMPLE IRAs by Section 4.
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