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Form 5305-S (Rev. March 2002) SIMPLE Individual Retirement Trust Account Do not file with the Internal Revenue Service (Under section 408(p) of the Internal Revenue Code) Department of the Treasury
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How to fill out 5305 s simple 2017-2023

How to fill out Form 5305:
01
Begin by entering your personal information, including your name, Social Security number, and address.
02
Next, determine the type of retirement plan you are establishing by selecting the appropriate box.
03
If you are establishing a traditional individual retirement account (IRA), indicate whether it will be a deductible or nondeductible contribution.
04
If you are setting up a simplified employee pension (SEP) IRA, provide information on the type of employer sponsoring the plan and the employees eligible to participate.
05
For a savings incentive match plan for employees (SIMPLE) IRA, enter the necessary details about the employer and the employees' eligibility.
06
For each retirement account established, provide the financial institution's name, address, and trustee or custodian information.
07
Indicate if you are rolling over funds from another retirement account and provide the necessary information for the transfer.
08
Review the information provided and ensure its accuracy. Make any necessary corrections before signing and dating the form.
09
Attach any additional required documentation, such as rollover paperwork or copies of existing retirement account information.
Who needs Form 5305:
01
Individuals or businesses looking to establish various types of retirement plans, including traditional IRAs, SEP IRAs, or SIMPLE IRAs.
02
Employers seeking to provide retirement benefits to their employees through a SEP IRA or SIMPLE IRA.
03
Financial institutions that serve as trustees or custodians for retirement accounts and require the completion of Form 5305 as part of the account establishment process.
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