Two simple SIMPLE-IRA questions


G

gindie

1) Self-employed, no other employees. I understand that
both the employee and employer SIMPLE contributions go on
1040 line 30. Nothing goes on Sch. C line 19. Correct?

2) SIMPLE was started July 2003. Current value approx.
$3000. I want to verify that I don't have to file Form 5500
or 5500-EZ.

Thanks.
 
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B

Barry Picker, CPA/PFS, CFP

1) Self-employed, no other employees. I understand that
both the employee and employer SIMPLE contributions go on
1040 line 30. Nothing goes on Sch. C line 19. Correct?

2) SIMPLE was started July 2003. Current value approx.
$3000. I want to verify that I don't have to file Form 5500
or 5500-EZ.
1) Correct

2) You will never have to file a 5500 or 5500EZ for a SIMPLE
(unless they change the rules).
 

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