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Form 5305-SA online LA: What You Should Know

Learn Your Rights Learn about what you have the right to know before you fill out IRS Form 5305-SA or Form 5305-SS: • What is a SIMPLE IRA? • What is a Custodial Account? • What is an IRA? • What is a “Qualified IRA”  How a SIMPLE IRA Works A SIMPLE IRA is a retirement plan that you have to start paying taxes on January 1, 2017. You can get Started Here. If you own a business, you are encouraged to set up a SIMPLE IRA to maximize your tax savings. To learn more about SIMPLE IRA's click here. The IRS has developed tax rules for retirement plans. We must pay taxes on all our earnings and on any capital gains. In 2016, IRA contributions are deductible. The more we make, the less we pay in taxes each year. In addition, SIMPLE IRA's must satisfy strict eligibility requirements. In 2016, most people can only participate in a SIMPLE IRA that meets eligibility requirements. If you are not eligible for a SIMPLE IRA, you can still contribute to an IRA. You must meet one of the three tests listed below. What's in a SIMPLE IRA? In order to qualify for a SIMPLE IRA, you must meet the following two tests: IRA's Must meet three test requirements The IRA is not subject to the annual contribution limits for IRA's (see IRA Contribution Limits), or The IRA must be qualified (as defined in the IRS Form 5305-SA). These are the minimum requirements for an IRA. You can learn more about Simple here. How to Use the IRA Contribution Calculator (IRS 1040NR) As of 2017-08: If you do not receive a contribution limit due to a failure of an online application, and  If a correction has been made to the contribution or matching distribution amount when you file, a correction may need to be made and the refunded to correct any error, you may be able to use the IRA Contribution Calculator with the Form 1040NR instead. If you have questions or problems using the IRA Contribution Calculator with Form 1040NR, you can call the IRS at.

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