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Simple ira employee eligibility Form: What You Should Know
The SIMPLE IRA is a traditional plan designed for an individual to contribute up to 10% of the employee's pay, plus an additional 5% of the total salary of the employee, into a tax-deferred account. Qualifying participants may participate by a tax deduction up to the amount contributed by them during the year. Contributions are tax-deductible to the extent they exceed the participant's earnings. SIMPLE IRA Fund Distribution — Fidelity SIMPLE IRA — Fidelity Plan Documents Complete and submit the SIMPLE IRA Application (Forms 5605-SA and 5511-SA) to Fidelity in one of 2 ways Qualifying employees may participate by a tax deduction for contribution up to the amount contributed by them during the year. SIMPLE IRA -- Fidelity Tax Guide for Employers Form 5304-SIMPLE (Rev. March 2012) — IRS Simplex Retirement Plan for Employers — (Rev. 3/2012) IRA for your company — (Rev. 3/2012) Qualifying company must meet the following requirements. Employer must contribute at least 10% of the employee's annual compensation and at least 25% of the employee's annual compensation must be in the form of cash or an IRAs. Payroll deduction (see IRS Publication 457(b)(7)) may not exceed 6,000 during the year. The contribution required may not exceed 100% of an employee's compensation for the year. Payroll deduction may not exceed 5,000 during the year. Income limits do not apply to the employee or an annuitant. Qualifying employee must be 62 years of age or earlier and be eligible for IRA coverage by his employer. In certain cases, qualifying employees may exclude 100% of income before other requirements. Exclusion limit: 50% (after the first 1,000 of qualified distributions are distributed) This is the same as the 100% income exclusion limit. If there is any change that would reduce this amount and/or require the filing of a new Form 5304 or Form 5305 prior to the year in which it would apply, the employer must advise the IRS. Qualifying individuals who have been employed by the employer for at least one year. Form 5304 (rev. 3/2012) -- IRS Qualifying Individual in Qualifying Company -- (Rev. 3/2012) Form 5304 (rev.
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