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Hrblock Com Myreturnstatus

Hrblock com myreturnstatus Index A Acknowledgment of contributions, Acknowledgment of Charitable Contributions of $250 or More Adverse determination, Adverse determination. Hrblock com myreturnstatus Affordable Care Act Hospitals, What's New, New Requirements for section 501(c)(3) Hospitals Under the Affordable Care Act. Hrblock com myreturnstatus Aged, home for, Home for the aged. Hrblock com myreturnstatus Agricultural organization, Agricultural and Horticultural Organizations Airport, Other organizations. Hrblock com myreturnstatus Alumni association, Alumni association. Hrblock com myreturnstatus Amateur athletic organizations, Amateur Athletic Organizations Animals, prevention of cruelty to, Prevention of Cruelty to Children or Animals Appeal procedures, Appeal Procedures Application procedures, Application Procedures, Required Inclusions Bylaws, Bylaws. Hrblock com myreturnstatus Conformed copy, Conformed copy. Hrblock com myreturnstatus Description of activities, Description of activities. Hrblock com myreturnstatus Employer identification number, Required Inclusions Financial data, Financial data. Hrblock com myreturnstatus Organizing documents, Organizing documents. Hrblock com myreturnstatus Aquatic resources, Agricultural and Horticultural Organizations Articles of organization, Articles of Organization Assistance (see Tax help) Athletic organization, Athletic organization. Hrblock com myreturnstatus , Amateur Athletic Organizations Attorney's fees, Acceptance of attorneys' fees. Hrblock com myreturnstatus Attribution, special rules, Special rules of attribution. Hrblock com myreturnstatus B Black lung benefit trust, 501(c)(21) - Black Lung Benefit Trusts Board of trade, Board of trade. Hrblock com myreturnstatus Bureau defined, Bureau defined. Hrblock com myreturnstatus Burial benefit insurance, Burial and funeral benefit insurance organization. Hrblock com myreturnstatus Business income, unrelated, Unrelated Business Income Tax Return Business league, 501(c)(6) - Business Leagues, etc. Hrblock com myreturnstatus C Cemetery company, 501(c)(13) - Cemetery Companies Chamber of commerce, Chamber of commerce. Hrblock com myreturnstatus Change in legal structure, Organizational Changes and Exempt Status Charitable contributions, Acknowledgment of Charitable Contributions of $250 or More, Contributions to 501(c)(3) Organizations Charitable organization, Section 501(c)(3) Organizations, Charitable Organizations Charitable risk pools, Charitable Risk Pools Child care organization, Child care organizations. Hrblock com myreturnstatus Children, prevention of cruelty to, Prevention of Cruelty to Children or Animals Church, Churches. Hrblock com myreturnstatus Integrated auxiliaries, Integrated auxiliaries. Hrblock com myreturnstatus Civic leagues, 501(c)(4) - Civic Leagues and Social Welfare Organizations Clinic, Clinic. Hrblock com myreturnstatus CO-OP Health Insurance Issuers, 501(c)(29) - CO-OP Health Insurance Issuers College bookstore, restaurant, College book stores, cafeterias, restaurants, etc. Hrblock com myreturnstatus Comments, Comments and suggestions. Hrblock com myreturnstatus Community association, Other organizations. Hrblock com myreturnstatus Community nursing bureau, Community nursing bureau. Hrblock com myreturnstatus Community trust, Community Trusts Contributions, charitable, Acknowledgment of Charitable Contributions of $250 or More, Contributions to 501(c)(3) Organizations Court appeals, Appeal to Courts Credit union, 501(c)(14) - Credit Unions and Other Mutual Financial Organizations D Determination letter, Rulings and Determination Letters Disclosures, required, Disclosure of Quid Pro Quo Contributions Dues used for lobbying, Dues Used for Lobbying or Political Activities Nondeductible contributions, Solicitation of Nondeductible Contributions Quid pro quo contributions, Disclosure of Quid Pro Quo Contributions Services available from government, Penalties. Hrblock com myreturnstatus Dispositions of donated property, Donee Information Return Disqualified persons, Disqualified persons. Hrblock com myreturnstatus Domestic fraternal society, Domestic Fraternal Societies (501(c)(10)) Donor advised funds Excess benefit transaction, Donor advised fund transactions occurring after August 17, 2006. Hrblock com myreturnstatus Dues used for political or legislative activities, Dues Used for Lobbying or Political Activities, Deduction not allowed for dues used for political or legislative activities. Hrblock com myreturnstatus E Educational organizations, Educational Organizations, Educational organizations. Hrblock com myreturnstatus Employees' association, 501(c)(4), 501(c)(9), and 501(c)(17) - Employees' Associations Employment taxes, Employment Tax Returns Endowment fund, Endowment funds. Hrblock com myreturnstatus Estimated tax, Estimated tax. Hrblock com myreturnstatus Excess benefit transaction, Excess Benefit Transaction, Supporting organization transactions occurring after July 25, 2006. Hrblock com myreturnstatus Disqualified person, Tax on Disqualified Persons, Disqualified Person Controlled entity, 35%, 35% controlled entity. Hrblock com myreturnstatus Family members, Family members. Hrblock com myreturnstatus Substantial influence, Persons not considered to have substantial influence. Hrblock com myreturnstatus Disregarded benefits, Disregarded benefits. Hrblock com myreturnstatus Donor advised funds, Donor advised fund transactions occurring after August 17, 2006. Hrblock com myreturnstatus , Exception. Hrblock com myreturnstatus Excise tax, Excise tax on excess benefit transactions. Hrblock com myreturnstatus Initial contracts, Special Exception for Initial Contracts Reasonable compensation, Reasonable Compensation. Hrblock com myreturnstatus Rebuttable presumption, Rebuttable presumption that a transaction is not an excess benefit transaction. Hrblock com myreturnstatus Excise tax Black lung benefit trust, Excise taxes. Hrblock com myreturnstatus Lobbying expenditures, Tax on excess expenditures to influence legislation. Hrblock com myreturnstatus , Tax on disqualifying lobbying expenditures. Hrblock com myreturnstatus Political expenditures, Excise taxes on political expenditures. Hrblock com myreturnstatus Private foundations, Excise taxes on private foundations. Hrblock com myreturnstatus , Excise Taxes on Private Foundations Exempt function, Political Organization Income Tax Return Exempt purposes, Section 501(c)(3) Organizations Exemption for terrorist organization, Non-exemption for terrorist organizations. Hrblock com myreturnstatus Extensions of time, Extensions of time for filing. Hrblock com myreturnstatus F Facts and circumstances test, Facts and circumstances test. Hrblock com myreturnstatus Fair market value, estimate of, Good faith estimate of fair market value (FMV). Hrblock com myreturnstatus Filing requirements, Annual Information Returns Annual information returns, Annual Information Returns Donee information return, Donee Information Return Due date, Political Organization Income Tax Return Employment tax, Employment Tax Returns Excise tax, Excise taxes on private foundations. Hrblock com myreturnstatus , Excise Taxes on Private Foundations Political organization, Political Organization Income Tax Return Private foundations, Form 990-PF Unrelated business income, Unrelated Business Income Tax Return Form 990-N, Annual Electronic Filing Requirement for Small Tax-Exempt Organizations Forms, Forms Required 1023, Forms Required, Administrative Remedies, 270-day period. Hrblock com myreturnstatus , Information required for subordinate organizations. Hrblock com myreturnstatus , Annual Information Return, Form 1023. Hrblock com myreturnstatus , Organizations Not Required To File Form 1023, Private Schools, When to file application. Hrblock com myreturnstatus , Lobbying Expenditures, Volunteer fire companies. Hrblock com myreturnstatus 1024, Forms Required, Application made under wrong paragraph of section 501(c). Hrblock com myreturnstatus , Annual Information Return, 501(c)(4) - Civic Leagues and Social Welfare Organizations, 501(c)(6) - Business Leagues, etc. Hrblock com myreturnstatus , 501(c)(7) - Social and Recreation Clubs, 501(c)(8) and 501(c)(10) - Fraternal Beneficiary Societies and Domestic Fraternal Societies, Fraternal Beneficiary Societies (501(c)(8)), Domestic Fraternal Societies (501(c)(10)), Local Employees' Associations (501(c)(4)), Voluntary Employees' Beneficiary Associations (501(c)(9)), Supplemental Unemployment Benefit Trusts (501(c)(17)), 501(c)(13) - Cemetery Companies, 501(c)(19) - Veterans' Organizations, 501(c)(20) - Group Legal Services Plan Organizations, 501(c)(2) - Title-Holding Corporations for Single Parent Corporations, 501(c)(25) - Title-Holding Corporations or Trusts for Multiple Parent Corporations 1040, Effect on employees. Hrblock com myreturnstatus 1065, Annual Information Returns 1120–POL, Political Organization Income Tax Return 1128, Central organizations. Hrblock com myreturnstatus 2848, Power of attorney. Hrblock com myreturnstatus , Representation. Hrblock com myreturnstatus 4720, Tax on excess expenditures to influence legislation. Hrblock com myreturnstatus 5578, Certification. Hrblock com myreturnstatus 5768, Making the election. Hrblock com myreturnstatus 6069, Tax treatment of donations. Hrblock com myreturnstatus 8274, FICA tax exemption election. Hrblock com myreturnstatus 8282, Dispositions of donated property. Hrblock com myreturnstatus 8283, Form 8283. Hrblock com myreturnstatus 8300, Report of Cash Received 8718, Forms Required, Power of attorney. Hrblock com myreturnstatus 8821, Representation. Hrblock com myreturnstatus 8871, Reporting Requirements for a Political Organization, Annual Information Return 8872, Reporting Requirements for a Political Organization, Annual Information Return 990, Keeping the Group Exemption Letter in Force, Forms 990 and 990-EZ, Annual Information Return, Making the election. Hrblock com myreturnstatus 990-BL, Annual Information Returns, 990-EZ, Forms 990 and 990-EZ, Form 990-EZ. Hrblock com myreturnstatus 990-PF, Form 990-PF, Excise taxes on private foundations. Hrblock com myreturnstatus , Excise Taxes on Private Foundations 990-T, Unrelated Business Income Tax Return SS-4, Required Inclusions, Employer identification number. Hrblock com myreturnstatus W–2, Revoking the election. Hrblock com myreturnstatus Fraternal beneficiary society, Fraternal Beneficiary Societies (501(c)(8)) Fraternal societies, Organizations subject to requirements. Hrblock com myreturnstatus , 501(c)(8) and 501(c)(10) - Fraternal Beneficiary Societies and Domestic Fraternal Societies Free tax services, Free help with your tax return. Hrblock com myreturnstatus Funeral benefit insurance, Burial and funeral benefit insurance organization. Hrblock com myreturnstatus G Gifts and contributions, public charity, Gifts, contributions, and grants distinguished from gross receipts. Hrblock com myreturnstatus Good faith determinations, What's New, New organization. Hrblock com myreturnstatus Governmental unit, Governmental units. Hrblock com myreturnstatus Grant Distinguished from gross receipts, Grants. Hrblock com myreturnstatus Exclusion for unusual grant, Unusual grants. Hrblock com myreturnstatus , Unusual grants. Hrblock com myreturnstatus From public charity, Grants from public charities. Hrblock com myreturnstatus , Grants from public charities. Hrblock com myreturnstatus Grantor and contributor, reliance on ruling, Reliance by grantors and contributors. Hrblock com myreturnstatus Gross receipts from nonmembership sources, Gross receipts from nonmembership sources. Hrblock com myreturnstatus Group exemption letter, Group Exemption Letter H Health coverage organization, 501(c)(26) - State-Sponsored High-Risk Health Coverage Organizations Help (see Tax help) High-risk health coverage organization, 501(c)(26) - State-Sponsored High-Risk Health Coverage Organizations Home for the aged, Home for the aged. Hrblock com myreturnstatus Homeowners' association, Homeowners' associations. Hrblock com myreturnstatus Horticultural organization, Agricultural and Horticultural Organizations Hospital, Hospital. Hrblock com myreturnstatus , Hospitals and medical research organizations. Hrblock com myreturnstatus I Inactive organization, Organizational Changes and Exempt Status Industrial development, Other organizations. Hrblock com myreturnstatus Instrumentalities, Instrumentalities. Hrblock com myreturnstatus Insurance, organizations providing, Organizations Providing Insurance L Labor organization, Organizations subject to requirements. Hrblock com myreturnstatus , Labor Organizations Law, public interest, Public-interest law firms. Hrblock com myreturnstatus Legislative activity, Lobbying Expenditures, Legislative activity. Hrblock com myreturnstatus Listed transaction, Prohibited tax shelter transaction. Hrblock com myreturnstatus Literary organizations, Literary Organizations Loans, organizations providing, Organization providing loans. Hrblock com myreturnstatus Lobbying expenditures, Lobbying Expenditures Local benevolent life insurance associations, Local Life Insurance Associations Local employees' association, Local Employees' Associations (501(c)(4)) Lodge system, Lodge system. Hrblock com myreturnstatus M Medical research organization, Medical research organization. Hrblock com myreturnstatus Medicare and Medicaid payments, Medicare and Medicaid payments. Hrblock com myreturnstatus Membership fee, Membership fees. Hrblock com myreturnstatus , Membership fees distinguished from gross receipts. Hrblock com myreturnstatus Modification of exemption, Revocation or Modification of Exemption Mutual financial organization, 501(c)(14) - Credit Unions and Other Mutual Financial Organizations Mutual or cooperative association, Mutual or Cooperative Associations N Nursing bureau, Community nursing bureau. Hrblock com myreturnstatus O One-third support test, One-third support test. Hrblock com myreturnstatus Organization assets, Dedication and Distribution of Assets Dedication, Dedication. Hrblock com myreturnstatus Distribution, Distribution. Hrblock com myreturnstatus Organizational changes, Organizational Changes and Exempt Status P Penalties, Penalties for failure to file. Hrblock com myreturnstatus Failure to allow public inspection, Penalties Failure to disclose, Penalty for failure to disclose. Hrblock com myreturnstatus , Penalties. Hrblock com myreturnstatus , Penalty. Hrblock com myreturnstatus Failure to file, Penalties for failure to file. Hrblock com myreturnstatus Perpetual care organization, Perpetual care organization. Hrblock com myreturnstatus Political activity, Dues Used for Lobbying or Political Activities, Political activity. Hrblock com myreturnstatus , Political activity. Hrblock com myreturnstatus Political organization Income tax return, Political Organization Income Tax Return Taxable income, Political Organization Income Tax Return Power of attorney, Power of attorney. Hrblock com myreturnstatus Preferred stock, Common and preferred stock. Hrblock com myreturnstatus Prevention of cruelty to children or animals, Prevention of Cruelty to Children or Animals Private delivery service, Private delivery service. Hrblock com myreturnstatus Private foundations, Private Foundations Private operating foundation, Private Operating Foundations Private school, Private Schools, Racially Nondiscriminatory Policy Prohibited tax shelter transactions Entity managers, Entity manager. Hrblock com myreturnstatus Entity managers excise tax, Manager Level Tax Listed transaction, Prohibited tax shelter transaction. Hrblock com myreturnstatus Prohibited reportable transactions, Prohibited tax shelter transaction. Hrblock com myreturnstatus Subsequently listed transaction, Subsequently listed transaction. Hrblock com myreturnstatus Tax-exempt entities, Tax-exempt entities. Hrblock com myreturnstatus Public charity Gifts and contributions, Gifts, contributions, and grants distinguished from gross receipts. Hrblock com myreturnstatus Grant from, Grants from public charities. Hrblock com myreturnstatus Section 509(a)(1), Section 509(a)(1) Organizations Section 509(a)(2), Section 509(a)(2) Organizations Section 509(a)(3), Section 509(a)(3) Organizations Section 509(a)(4), Section 509(a)(4) Organizations Support test, One-third support test. Hrblock com myreturnstatus , One-third support test. Hrblock com myreturnstatus Public inspection Annual return, Annual Information Return Exemption applications, Public Inspection of Exemption Applications, Annual Returns, and Political Organization Reporting Forms Forms 8871 and 8872, Public Inspection of Exemption Applications, Annual Returns, and Political Organization Reporting Forms Public-interest law firm, Public-interest law firms. Hrblock com myreturnstatus Publications (see Tax help) Publicly supported organization, Publicly supported organizations. Hrblock com myreturnstatus , Qualifying as Publicly Supported Attraction of public support, Attraction of public support requirement. Hrblock com myreturnstatus Ten-percent-of-support, Ten-percent-of-support requirement. Hrblock com myreturnstatus R Racial composition, How to determine racial composition. Hrblock com myreturnstatus Racially nondiscriminatory policy, Racially Nondiscriminatory Policy Real estate board, Real estate board. Hrblock com myreturnstatus Recognition of exemption, application, Application for Recognition of Exemption Religious organizations, Religious Organizations Requests other than applications, Miscellaneous Procedures Responsiveness test, Responsiveness test. Hrblock com myreturnstatus Revocation of exemption, Revocation or Modification of Exemption Ruling letter, Rulings and Determination Letters S Scholarship Private school, Scholarship and loan programs. Hrblock com myreturnstatus Scholarships, Scholarships. Hrblock com myreturnstatus School, private, Private Schools Scientific organizations, Scientific Organizations Section 501(c)(3) organizations Amateur athletic, Amateur Athletic Organizations Literary, Literary Organizations Prevention of cruelty, Prevention of Cruelty to Children or Animals Private foundations, Private Foundations and Public Charities Public charities, Public Charities Qualifications, Section 501(c)(3) Organizations Religious, Religious Organizations Scientific, Scientific Organizations Section 501(c)(3) Organizations Charitable, Charitable Organizations Educational, Educational Organizations and Private Schools Single entity, Single entity. Hrblock com myreturnstatus Social clubs, Organizations subject to requirements. Hrblock com myreturnstatus , 501(c)(7) - Social and Recreation Clubs Social welfare organization, Organizations subject to requirements. Hrblock com myreturnstatus , 501(c)(4) - Civic Leagues and Social Welfare Organizations Specified organizations, Specified organizations. Hrblock com myreturnstatus Sports organization, amateur, Qualified amateur sports organization. Hrblock com myreturnstatus State-sponsored, 501(c)(26) - State-Sponsored High-Risk Health Coverage Organizations High-risk health coverage organization, 501(c)(26) - State-Sponsored High-Risk Health Coverage Organizations Workers' compensation reinsurance organization, 501(c)(27) - Qualified State-Sponsored Workers' Compensation Organizations Stock or commodity exchange, Stock or commodity exchange. Hrblock com myreturnstatus Suggestions, Comments and suggestions. Hrblock com myreturnstatus Supplemental unemployment benefit trust, Supplemental Unemployment Benefit Trusts (501(c)(17)) Support, Support. Hrblock com myreturnstatus , Support from a governmental unit. Hrblock com myreturnstatus , Support from the general public. Hrblock com myreturnstatus Support test, One-third support test. Hrblock com myreturnstatus Facts and circumstances, Facts and circumstances test. Hrblock com myreturnstatus One-third, One-third support test. Hrblock com myreturnstatus Public charity, One-third support test. Hrblock com myreturnstatus Supporting organization, Supporting organization transactions occurring after July 25, 2006. Hrblock com myreturnstatus T Tax help, Technical advice, Appeals Office Consideration Testing for public safety, Section 509(a)(4) Organizations Title-holding corporation, 501(c)(2) - Title-Holding Corporations for Single Parent Corporations U Unemployment benefit trust, Supplemental Unemployment Benefit Trusts (501(c)(17)) Unrelated business income, Unrelated Business Income Tax Return Unusual grants, Unusual grants. Hrblock com myreturnstatus , Unusual grants. Hrblock com myreturnstatus User fee, Power of attorney. Hrblock com myreturnstatus , User fee. Hrblock com myreturnstatus V Veterans' organization, 501(c)(19) - Veterans' Organizations Voluntary employees' beneficiary association, Voluntary Employees' Beneficiary Associations (501(c)(9)) Volunteer fire company, Volunteer fire companies. Hrblock com myreturnstatus W War veterans' organization, 501(c)(19) - Veterans' Organizations Withdrawal of application, Withdrawal of application. Hrblock com myreturnstatus Withholding information from public, Requests for withholding of information from the public. Hrblock com myreturnstatus Work Opportunity Tax Credit, Expanded Work Opportunity Tax Credit Available for Hiring Qualified Veterans. Hrblock com myreturnstatus Workers' compensation reinsurance organization, 501(c)(27) - Qualified State-Sponsored Workers' Compensation Organizations Prev  Up     Home   More Online Publications
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Hrblock com myreturnstatus 3. Hrblock com myreturnstatus   SIMPLE Plans Table of Contents Topics - This chapter discusses: Useful Items - You may want to see: SIMPLE IRA PlanWho Can Set Up a SIMPLE IRA Plan? Who Can Participate in a SIMPLE IRA Plan? How To Set Up a SIMPLE IRA Plan Notification Requirement Contribution Limits When To Deduct Contributions Where To Deduct Contributions Tax Treatment of Contributions Distributions (Withdrawals) More Information on SIMPLE IRA Plans SIMPLE 401(k) Plan Topics - This chapter discusses: SIMPLE IRA plan SIMPLE 401(k) plan Useful Items - You may want to see: Publications 590 Individual Retirement Arrangements (IRAs) 3998 Choosing A Retirement Solution for Your Small Business 4284 SIMPLE IRA Plan Checklist 4334 SIMPLE IRA Plans for Small Businesses Forms (and Instructions) W-2 Wage and Tax Statement 5304-SIMPLE Savings Incentive Match Plan for Employees of Small Employers (SIMPLE)–Not for Use With a Designated Financial Institution 5305-SIMPLE Savings Incentive Match Plan for Employees of Small Employers (SIMPLE)–for Use With a Designated Financial Institution 8880 Credit for Qualified Retirement Savings Contributions 8881 Credit for Small Employer Pension Plan Startup Costs A savings incentive match plan for employees (SIMPLE plan) is a written arrangement that provides you and your employees with a simplified way to make contributions to provide retirement income. Hrblock com myreturnstatus Under a SIMPLE plan, employees can choose to make salary reduction contributions to the plan rather than receiving these amounts as part of their regular pay. Hrblock com myreturnstatus In addition, you will contribute matching or nonelective contributions. Hrblock com myreturnstatus SIMPLE plans can only be maintained on a calendar-year basis. Hrblock com myreturnstatus A SIMPLE plan can be set up in either of the following ways. Hrblock com myreturnstatus Using SIMPLE IRAs (SIMPLE IRA plan). Hrblock com myreturnstatus As part of a 401(k) plan (SIMPLE 401(k) plan). Hrblock com myreturnstatus Many financial institutions will help you set up a SIMPLE plan. Hrblock com myreturnstatus SIMPLE IRA Plan A SIMPLE IRA plan is a retirement plan that uses SIMPLE IRAs for each eligible employee. Hrblock com myreturnstatus Under a SIMPLE IRA plan, a SIMPLE IRA must be set up for each eligible employee. Hrblock com myreturnstatus For the definition of an eligible employee, see Who Can Participate in a SIMPLE IRA Plan , later. Hrblock com myreturnstatus Who Can Set Up a SIMPLE IRA Plan? You can set up a SIMPLE IRA plan if you meet both the following requirements. Hrblock com myreturnstatus You meet the employee limit. Hrblock com myreturnstatus You do not maintain another qualified plan unless the other plan is for collective bargaining employees. Hrblock com myreturnstatus Employee limit. Hrblock com myreturnstatus   You can set up a SIMPLE IRA plan only if you had 100 or fewer employees who received $5,000 or more in compensation from you for the preceding year. Hrblock com myreturnstatus Under this rule, you must take into account all employees employed at any time during the calendar year regardless of whether they are eligible to participate. Hrblock com myreturnstatus Employees include self-employed individuals who received earned income and leased employees (defined in chapter 1). Hrblock com myreturnstatus   Once you set up a SIMPLE IRA plan, you must continue to meet the 100-employee limit each year you maintain the plan. Hrblock com myreturnstatus Grace period for employers who cease to meet the 100-employee limit. Hrblock com myreturnstatus   If you maintain the SIMPLE IRA plan for at least 1 year and you cease to meet the 100-employee limit in a later year, you will be treated as meeting it for the 2 calendar years immediately following the calendar year for which you last met it. Hrblock com myreturnstatus   A different rule applies if you do not meet the 100-employee limit because of an acquisition, disposition, or similar transaction. Hrblock com myreturnstatus Under this rule, the SIMPLE IRA plan will be treated as meeting the 100-employee limit for the year of the transaction and the 2 following years if both the following conditions are satisfied. Hrblock com myreturnstatus Coverage under the plan has not significantly changed during the grace period. Hrblock com myreturnstatus The SIMPLE IRA plan would have continued to qualify after the transaction if you had remained a separate employer. Hrblock com myreturnstatus    The grace period for acquisitions, dispositions, and similar transactions also applies if, because of these types of transactions, you do not meet the rules explained under Other qualified plan or Who Can Participate in a SIMPLE IRA Plan, below. Hrblock com myreturnstatus Other qualified plan. Hrblock com myreturnstatus   The SIMPLE IRA plan generally must be the only retirement plan to which you make contributions, or to which benefits accrue, for service in any year beginning with the year the SIMPLE IRA plan becomes effective. Hrblock com myreturnstatus Exception. Hrblock com myreturnstatus   If you maintain a qualified plan for collective bargaining employees, you are permitted to maintain a SIMPLE IRA plan for other employees. Hrblock com myreturnstatus Who Can Participate in a SIMPLE IRA Plan? Eligible employee. Hrblock com myreturnstatus   Any employee who received at least $5,000 in compensation during any 2 years preceding the current calendar year and is reasonably expected to receive at least $5,000 during the current calendar year is eligible to participate. Hrblock com myreturnstatus The term “employee” includes a self-employed individual who received earned income. Hrblock com myreturnstatus   You can use less restrictive eligibility requirements (but not more restrictive ones) by eliminating or reducing the prior year compensation requirements, the current year compensation requirements, or both. Hrblock com myreturnstatus For example, you can allow participation for employees who received at least $3,000 in compensation during any preceding calendar year. Hrblock com myreturnstatus However, you cannot impose any other conditions for participating in a SIMPLE IRA plan. Hrblock com myreturnstatus Excludable employees. Hrblock com myreturnstatus   The following employees do not need to be covered under a SIMPLE IRA plan. Hrblock com myreturnstatus Employees who are covered by a union agreement and whose retirement benefits were bargained for in good faith by the employees' union and you. Hrblock com myreturnstatus Nonresident alien employees who have received no U. Hrblock com myreturnstatus S. Hrblock com myreturnstatus source wages, salaries, or other personal services compensation from you. Hrblock com myreturnstatus Compensation. Hrblock com myreturnstatus   Compensation for employees is the total wages, tips, and other compensation from the employer subject to federal income tax withholding and the amounts paid for domestic service in a private home, local college club, or local chapter of a college fraternity or sorority. Hrblock com myreturnstatus Compensation also includes the employee's salary reduction contributions made under this plan and, if applicable, elective deferrals under a section 401(k) plan, a SARSEP, or a section 403(b) annuity contract and compensation deferred under a section 457 plan required to be reported by the employer on Form W-2. Hrblock com myreturnstatus If you are self-employed, compensation is your net earnings from self-employment (line 4 of Short Schedule SE or line 6 of Long Schedule SE (Form 1040)) before subtracting any contributions made to the SIMPLE IRA plan for yourself. Hrblock com myreturnstatus How To Set Up a SIMPLE IRA Plan You can use Form 5304-SIMPLE or Form 5305-SIMPLE to set up a SIMPLE IRA plan. Hrblock com myreturnstatus Each form is a model savings incentive match plan for employees (SIMPLE) plan document. Hrblock com myreturnstatus Which form you use depends on whether you select a financial institution or your employees select the institution that will receive the contributions. Hrblock com myreturnstatus Use Form 5304-SIMPLE if you allow each plan participant to select the financial institution for receiving his or her SIMPLE IRA plan contributions. Hrblock com myreturnstatus Use Form 5305-SIMPLE if you require that all contributions under the SIMPLE IRA plan be deposited initially at a designated financial institution. Hrblock com myreturnstatus The SIMPLE IRA plan is adopted when you have completed all appropriate boxes and blanks on the form and you (and the designated financial institution, if any) have signed it. Hrblock com myreturnstatus Keep the original form. Hrblock com myreturnstatus Do not file it with the IRS. Hrblock com myreturnstatus Other uses of the forms. Hrblock com myreturnstatus   If you set up a SIMPLE IRA plan using Form 5304-SIMPLE or Form 5305-SIMPLE, you can use the form to satisfy other requirements, including the following. Hrblock com myreturnstatus Meeting employer notification requirements for the SIMPLE IRA plan. Hrblock com myreturnstatus Form 5304-SIMPLE and Form 5305-SIMPLE contain a Model Notification to Eligible Employees that provides the necessary information to the employee. Hrblock com myreturnstatus Maintaining the SIMPLE IRA plan records and proving you set up a SIMPLE IRA plan for employees. Hrblock com myreturnstatus Deadline for setting up a SIMPLE IRA plan. Hrblock com myreturnstatus   You can set up a SIMPLE IRA plan effective on any date from January 1 through October 1 of a year, provided you did not previously maintain a SIMPLE IRA plan. Hrblock com myreturnstatus This requirement does not apply if you are a new employer that comes into existence after October 1 of the year the SIMPLE IRA plan is set up and you set up a SIMPLE IRA plan as soon as administratively feasible after your business comes into existence. Hrblock com myreturnstatus If you previously maintained a SIMPLE IRA plan, you can set up a SIMPLE IRA plan effective only on January 1 of a year. Hrblock com myreturnstatus A SIMPLE IRA plan cannot have an effective date that is before the date you actually adopt the plan. Hrblock com myreturnstatus Setting up a SIMPLE IRA. Hrblock com myreturnstatus   SIMPLE IRAs are the individual retirement accounts or annuities into which the contributions are deposited. Hrblock com myreturnstatus A SIMPLE IRA must be set up for each eligible employee. Hrblock com myreturnstatus Forms 5305-S, SIMPLE Individual Retirement Trust Account, and 5305-SA, SIMPLE Individual Retirement Custodial Account, are model trust and custodial account documents the participant and the trustee (or custodian) can use for this purpose. Hrblock com myreturnstatus   A SIMPLE IRA cannot be a Roth IRA. Hrblock com myreturnstatus Contributions to a SIMPLE IRA will not affect the amount an individual can contribute to a Roth or traditional IRA. Hrblock com myreturnstatus Deadline for setting up a SIMPLE IRA. Hrblock com myreturnstatus   A SIMPLE IRA must be set up for an employee before the first date by which a contribution is required to be deposited into the employee's IRA. Hrblock com myreturnstatus See Time limits for contributing funds , later, under Contribution Limits. Hrblock com myreturnstatus Credit for startup costs. Hrblock com myreturnstatus   You may be able to claim a tax credit for part of the ordinary and necessary costs of starting a SIMPLE IRA plan that first became effective in 2013. Hrblock com myreturnstatus For more information, see Credit for startup costs under Reminders, earlier. Hrblock com myreturnstatus Notification Requirement If you adopt a SIMPLE IRA plan, you must notify each employee of the following information before the beginning of the election period. Hrblock com myreturnstatus The employee's opportunity to make or change a salary reduction choice under a SIMPLE IRA plan. Hrblock com myreturnstatus Your decision to make either matching contributions or nonelective contributions (discussed later). Hrblock com myreturnstatus A summary description provided by the financial institution. Hrblock com myreturnstatus Written notice that his or her balance can be transferred without cost or penalty if they use a designated financial institution. Hrblock com myreturnstatus Election period. Hrblock com myreturnstatus   The election period is generally the 60-day period immediately preceding January 1 of a calendar year (November 2 to December 31 of the preceding calendar year). Hrblock com myreturnstatus However, the dates of this period are modified if you set up a SIMPLE IRA plan in mid-year (for example, on July 1) or if the 60-day period falls before the first day an employee becomes eligible to participate in the SIMPLE IRA plan. Hrblock com myreturnstatus   A SIMPLE IRA plan can provide longer periods for permitting employees to enter into salary reduction agreements or to modify prior agreements. Hrblock com myreturnstatus For example, a SIMPLE IRA plan can provide a 90-day election period instead of the 60-day period. Hrblock com myreturnstatus Similarly, in addition to the 60-day period, a SIMPLE IRA plan can provide quarterly election periods during the 30 days before each calendar quarter, other than the first quarter of each year. Hrblock com myreturnstatus Contribution Limits Contributions are made up of salary reduction contributions and employer contributions. Hrblock com myreturnstatus You, as the employer, must make either matching contributions or nonelective contributions, defined later. Hrblock com myreturnstatus No other contributions can be made to the SIMPLE IRA plan. Hrblock com myreturnstatus These contributions, which you can deduct, must be made timely. Hrblock com myreturnstatus See Time limits for contributing funds , later. Hrblock com myreturnstatus Salary reduction contributions. Hrblock com myreturnstatus   The amount the employee chooses to have you contribute to a SIMPLE IRA on his or her behalf cannot be more than $12,000 for 2013 and 2014. Hrblock com myreturnstatus These contributions must be expressed as a percentage of the employee's compensation unless you permit the employee to express them as a specific dollar amount. Hrblock com myreturnstatus You cannot place restrictions on the contribution amount (such as limiting the contribution percentage), except to comply with the $12,000 limit. Hrblock com myreturnstatus   If you or an employee participates in any other qualified plan during the year and you or your employee have salary reduction contributions (elective deferrals) under those plans, the salary reduction contributions under a SIMPLE IRA plan also count toward the overall annual limit ($17,500 for 2013 and 2014) on exclusion of salary reduction contributions and other elective deferrals. Hrblock com myreturnstatus Catch-up contributions. Hrblock com myreturnstatus   A SIMPLE IRA plan can permit participants who are age 50 or over at the end of the calendar year to also make catch-up contributions. Hrblock com myreturnstatus The catch-up contribution limit for 2013 and 2014 for SIMPLE IRA plans is $2,500. Hrblock com myreturnstatus Salary reduction contributions are not treated as catch-up contributions for 2013 or 2014 until they exceed $12,000. Hrblock com myreturnstatus However, the catch-up contribution a participant can make for a year cannot exceed the lesser of the following amounts. Hrblock com myreturnstatus The catch-up contribution limit. Hrblock com myreturnstatus The excess of the participant's compensation over the salary reduction contributions that are not catch-up contributions. Hrblock com myreturnstatus Employer matching contributions. Hrblock com myreturnstatus   You are generally required to match each employee's salary reduction contributions on a dollar-for-dollar basis up to 3% of the employee's compensation. Hrblock com myreturnstatus This requirement does not apply if you make nonelective contributions as discussed later. Hrblock com myreturnstatus Example. Hrblock com myreturnstatus In 2013, your employee, John Rose, earned $25,000 and chose to defer 5% of his salary. Hrblock com myreturnstatus Your net earnings from self-employment are $40,000, and you choose to contribute 10% of your earnings to your SIMPLE IRA. Hrblock com myreturnstatus You make 3% matching contributions. Hrblock com myreturnstatus The total contribution you make for John is $2,000, figured as follows. Hrblock com myreturnstatus Salary reduction contributions ($25,000 × . Hrblock com myreturnstatus 05) $1,250 Employer matching contribution ($25,000 × . Hrblock com myreturnstatus 03) 750 Total contributions $2,000     The total contribution you make for yourself is $5,200, figured as follows. Hrblock com myreturnstatus Salary reduction contributions ($40,000 × . Hrblock com myreturnstatus 10) $4,000 Employer matching contribution ($40,000 × . Hrblock com myreturnstatus 03) 1,200 Total contributions $5,200 Lower percentage. Hrblock com myreturnstatus   If you choose a matching contribution less than 3%, the percentage must be at least 1%. Hrblock com myreturnstatus You must notify the employees of the lower match within a reasonable period of time before the 60-day election period (discussed earlier) for the calendar year. Hrblock com myreturnstatus You cannot choose a percentage less than 3% for more than 2 years during the 5-year period that ends with (and includes) the year for which the choice is effective. Hrblock com myreturnstatus Nonelective contributions. Hrblock com myreturnstatus   Instead of matching contributions, you can choose to make nonelective contributions of 2% of compensation on behalf of each eligible employee who has at least $5,000 (or some lower amount you select) of compensation from you for the year. Hrblock com myreturnstatus If you make this choice, you must make nonelective contributions whether or not the employee chooses to make salary reduction contributions. Hrblock com myreturnstatus Only $255,000 of the employee's compensation can be taken into account to figure the contribution limit in 2013 ($260,000 in 2014). Hrblock com myreturnstatus   If you choose this 2% contribution formula, you must notify the employees within a reasonable period of time before the 60-day election period (discussed earlier) for the calendar year. Hrblock com myreturnstatus Example 1. Hrblock com myreturnstatus In 2013, your employee, Jane Wood, earned $36,000 and chose to have you contribute 10% of her salary. Hrblock com myreturnstatus Your net earnings from self-employment are $50,000, and you choose to contribute 10% of your earnings to your SIMPLE IRA. Hrblock com myreturnstatus You make a 2% nonelective contribution. Hrblock com myreturnstatus Both of you are under age 50. Hrblock com myreturnstatus The total contribution you make for Jane is $4,320, figured as follows. Hrblock com myreturnstatus Salary reduction contributions ($36,000 × . Hrblock com myreturnstatus 10) $3,600 2% nonelective contributions ($36,000 × . Hrblock com myreturnstatus 02) 720 Total contributions $4,320     The total contribution you make for yourself is $6,000, figured as follows. Hrblock com myreturnstatus Salary reduction contributions ($50,000 × . Hrblock com myreturnstatus 10) $5,000 2% nonelective contributions ($50,000 × . Hrblock com myreturnstatus 02) 1,000 Total contributions $6,000 Example 2. Hrblock com myreturnstatus Using the same facts as in Example 1, above, the maximum contribution you make for Jane or for yourself if you each earned $75,000 is $13,500, figured as follows. Hrblock com myreturnstatus Salary reduction contributions (maximum amount allowed) $12,000 2% nonelective contributions ($75,000 × . Hrblock com myreturnstatus 02) 1,500 Total contributions $13,500 Time limits for contributing funds. Hrblock com myreturnstatus   You must make the salary reduction contributions to the SIMPLE IRA within 30 days after the end of the month in which the amounts would otherwise have been payable to the employee in cash. Hrblock com myreturnstatus You must make matching contributions or nonelective contributions by the due date (including extensions) for filing your federal income tax return for the year. Hrblock com myreturnstatus Certain plans subject to Department of Labor rules may have an earlier due date for salary reduction contributions. Hrblock com myreturnstatus When To Deduct Contributions You can deduct SIMPLE IRA contributions in the tax year within which the calendar year for which contributions were made ends. Hrblock com myreturnstatus You can deduct contributions for a particular tax year if they are made for that tax year and are made by the due date (including extensions) of your federal income tax return for that year. Hrblock com myreturnstatus Example 1. Hrblock com myreturnstatus Your tax year is the fiscal year ending June 30. Hrblock com myreturnstatus Contributions under a SIMPLE IRA plan for the calendar year 2013 (including contributions made in 2013 before July 1, 2013) are deductible in the tax year ending June 30, 2014. Hrblock com myreturnstatus Example 2. Hrblock com myreturnstatus You are a sole proprietor whose tax year is the calendar year. Hrblock com myreturnstatus Contributions under a SIMPLE IRA plan for the calendar year 2013 (including contributions made in 2014 by April 15, 2014) are deductible in the 2013 tax year. Hrblock com myreturnstatus Where To Deduct Contributions Deduct the contributions you make for your common-law employees on your tax return. Hrblock com myreturnstatus For example, sole proprietors deduct them on Schedule C (Form 1040) or Schedule F (Form 1040); partnerships deduct them on Form 1065; and corporations deduct them on Form 1120 or Form 1120S. Hrblock com myreturnstatus Sole proprietors and partners deduct contributions for themselves on line 28 of Form 1040. Hrblock com myreturnstatus (If you are a partner, contributions for yourself are shown on the Schedule K-1 (Form 1065) you receive from the partnership. Hrblock com myreturnstatus ) Tax Treatment of Contributions You can deduct your contributions and your employees can exclude these contributions from their gross income. Hrblock com myreturnstatus SIMPLE IRA plan contributions are not subject to federal income tax withholding. Hrblock com myreturnstatus However, salary reduction contributions are subject to social security, Medicare, and federal unemployment (FUTA) taxes. Hrblock com myreturnstatus Matching and nonelective contributions are not subject to these taxes. Hrblock com myreturnstatus Reporting on Form W-2. Hrblock com myreturnstatus   Do not include SIMPLE IRA plan contributions in the “Wages, tips, other compensation” box of Form W-2. Hrblock com myreturnstatus You must, however, include them in the “Social security wages” and “Medicare wages and tips” boxes. Hrblock com myreturnstatus You must also include them in box 12. Hrblock com myreturnstatus Mark the “Retirement plan” checkbox in box 13. Hrblock com myreturnstatus For more information, see the Form W-2 instructions. Hrblock com myreturnstatus Distributions (Withdrawals) Distributions from a SIMPLE IRA are subject to IRA rules and generally are includible in income for the year received. Hrblock com myreturnstatus Tax-free rollovers can be made from one SIMPLE IRA into another SIMPLE IRA. Hrblock com myreturnstatus However, a rollover from a SIMPLE IRA to a non-SIMPLE IRA can be made tax free only after a 2-year participation in the SIMPLE IRA plan. Hrblock com myreturnstatus Generally, you or your employee must begin to receive distributions from a SIMPLE IRA by April 1 of the first year after the calendar year in which you or your employee reaches age 70½. Hrblock com myreturnstatus Early withdrawals generally are subject to a 10% additional tax. Hrblock com myreturnstatus However, the additional tax is increased to 25% if funds are withdrawn within 2 years of beginning participation. Hrblock com myreturnstatus More information. Hrblock com myreturnstatus   See Publication 590 for information about IRA rules, including those on the tax treatment of distributions, rollovers, required distributions, and income tax withholding. Hrblock com myreturnstatus More Information on SIMPLE IRA Plans If you need help to set up or maintain a SIMPLE IRA plan, go to the IRS website and search SIMPLE IRA Plan. Hrblock com myreturnstatus SIMPLE 401(k) Plan You can adopt a SIMPLE plan as part of a 401(k) plan if you meet the 100-employee limit as discussed earlier under SIMPLE IRA Plan. Hrblock com myreturnstatus A SIMPLE 401(k) plan is a qualified retirement plan and generally must satisfy the rules discussed under Qualification Rules in chapter 4, including the required distribution rules. Hrblock com myreturnstatus However, a SIMPLE 401(k) plan is not subject to the nondiscrimination and top-heavy rules discussed in chapter 4 if the plan meets the conditions listed below. Hrblock com myreturnstatus Under the plan, an employee can choose to have you make salary reduction contributions for the year to a trust in an amount expressed as a percentage of the employee's compensation, but not more than $12,000 for 2013 and 2014. Hrblock com myreturnstatus If permitted under the plan, an employee who is age 50 or over can also make a catch-up contribution of up to $2,500 for 2013 and 2014. Hrblock com myreturnstatus See Catch-up contributions , earlier under Contribution Limits. Hrblock com myreturnstatus You must make either: Matching contributions up to 3% of compensation for the year, or Nonelective contributions of 2% of compensation on behalf of each eligible employee who has at least $5,000 of compensation from you for the year. Hrblock com myreturnstatus No other contributions can be made to the trust. Hrblock com myreturnstatus No contributions are made, and no benefits accrue, for services during the year under any other qualified retirement plan sponsored by you on behalf of any employee eligible to participate in the SIMPLE 401(k) plan. Hrblock com myreturnstatus The employee's rights to any contributions are nonforfeitable. Hrblock com myreturnstatus No more than $255,000 of the employee's compensation can be taken into account in figuring matching contributions and nonelective contributions in 2013 ($260,000 in 2014). Hrblock com myreturnstatus Compensation is defined earlier in this chapter. Hrblock com myreturnstatus Employee notification. Hrblock com myreturnstatus   The notification requirement that applies to SIMPLE IRA plans also applies to SIMPLE 401(k) plans. Hrblock com myreturnstatus See Notification Requirement in this chapter. Hrblock com myreturnstatus Credit for startup costs. Hrblock com myreturnstatus   You may be able to claim a tax credit for part of the ordinary and necessary costs of starting a SIMPLE 401(k) plan that first became effective in 2013. Hrblock com myreturnstatus For more information, see Credit for startup costs under Reminders, earlier. Hrblock com myreturnstatus Note on Forms. Hrblock com myreturnstatus   Please note that Forms 5304-SIMPLE and 5305-SIMPLE can not be used to establish a SIMPLE 401(k) plan. Hrblock com myreturnstatus To set up a SIMPLE 401(k) plan, see Adopting a Written Plan in chapter 4. Hrblock com myreturnstatus Prev  Up  Next   Home   More Online Publications