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Jacksonville Florida Form 5305-SA: What You Should Know

SEP IRA · Conversion to SAR SEP, SAR, SIMPLE & SIMPLE-IRA — Page 53—Satisfactorily completed form page 532 S Corporation / SEP, SAR, SIMPLE & SIMPLE-IRA — Page 535’S Corporation / S Corporation SEP, SAR, SIMPLE & SIMPLE-IRA — Page 537’S Corporation / If you are the sole owner of an S corporation, you may be contributing to a special SEP IRA. To make sure the contribution is legal, the following questions must be answered (these are the questions of the form 5305-S) S Corporation Income Limit How Many Accounts Where did the funds for your contribution come from, including from the employee? Income Limits on SARS and SIMPLE-IRA SAR IRA Contributions — IRS If you are eligible to contribute to an S Corporation (SEP) or SIMPLE IRA, you must do all the following before the close of your tax year: Review and sign the Form 5305-S with the name of the IRA you plan to contribute to. Do not transfer any of the contribution to an IRA of an individual. Any transfer would probably not be lawful and would not meet the contribution requirements of Section 408(p) of the Internal Revenue Code. Make sure you have the name and address of the individual to whom the IRA was made. If you elect to contribute any of the contributions to an IRA of another individual who is not an owner of the IRA, the contribution will not be deductible for that individual. If you made an aggregate total contribution of 2,000 or more than either a SEP or SIMPLE IRA, you should sign the Form 5305-S with your last name and the year you wish to donate the funds. Do not include contributions made as part of a group with other contributions. The SEP or SIMPLE IRA contributions would be deductible only under the following conditions: Under Section 408(i) of the Internal Revenue Code, contributions to SEP or SIMPLE IRAs made with earnings or property received as part of the employer's plan are not income from wages or other compensation. Under Section 408(p), SEP or SIMPLE IRAs made without the consent of the employee do not count wages or compensation to any employee who received wages from the SEP or SIMPLE IRA.

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