Instructions to the Employer. Simplified employee pension. A SEP is a written arrangement (a plan) that provides you with an easy way to make contributions toward your employees’ retirement income. Under a SEP, you can contribute to an employee’s traditional individual retirement account or annuity (traditional IRA). You make contributions directly to an IRA set up by or for each employee with a bank, insurance company, or other qualified financial institution. When using Form 5305-SEP to establish a SEP, the IRA must be a Model traditional IRA established on an IRS form or a master or prototype traditional IRA for which the IRS has issued a favorable opinion letter. You may not make SEP contributions to a Xxxx XXX or a SIMPLE IRA. Making the agreement on Form 5305-SEP does not establish an employer IRA described in section 408(c). When not to use Form 5305-SEP. Do not use this form if you:
Instructions to the Employer. Simplified Employee Pension.-A SEP is a written arrangement (a plan) that provides you with a simplified way to make contributions toward your employees' retirement income. Under a SEP, you can contribute to an employee's individual retirement account or annuity (IRA). You make contributions directly to an IRA set up by or for each employee with a bank, insurance company, or other qualified financial institution. When using Form 5305-SEP to establish a SEP, the IRA must be a Model IRA established on an IRS form or a master or prototype IRA for which the IRS has issued a favorable opinion letter. Making the agreement on Form 5305- SEP does not establish an employer IRA described in section 408(c). When Not To Use Form 5305-SEP.-Do not use this form if you:
Instructions to the Employer. Simplified Employee Pension.CA SEP is a writtex xxxxxxxxent (a plan) that provides you with a simplified way to make contributions toward your employees' retirement income. Under a SEP, you can contribute to an employee's individual retirement account or annuity (IRA). You make contribxxxons directly to an IRA set up by or for each xxxloyee with a bank, insurance company, or other qualified financial institution. When using Form 5305-SEP to establish a SEP, the IRA must be a Model IRA xxtablished on an IXX form or a master or prototype IRA for which the IRS hxx issued a favorable opinion letter. Making the agreement on Form 5305- SEP does not establish an employer IRA described in section 400(c). When Not To Use Form 5305-SEP.CDo not use this form if you:
Instructions to the Employer. Simplified Employee Pension.CA SEP is a written arrangxxxxx (x xlan) that provides you with a simplified way to make contributions toward your employees' retirement income. Under a SEP, you can contribute to an employee's individual retirement account or annuity (IRA). You make contributions dxxxctly to an IRA set up by or for each employee xxth a bank, insurance company, or other qualified financial institution. When using Form 5305-SEP to establish a SEP, the IRA must be a Model IRA establixxxd on an IRS form xx a master or prototype IRA for which the IRS has issuex x favorable opinion letter. Making the agreement on Form 5305- SEP does not establish an employer IRA described in section 408(c). When Not To Use Form 5305-SEP.CDo not use this form if you:
