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What is Form 5305-SEP?
Form 5305-SEP is used by employers or self-employed individuals to set up a Simplified Employee Pension (SEP) plan, a type of retirement account for employees. The form outlines how contributions will be made to employees' SEP-IRAs. It is not required to be filed with the IRS but must be kept in the employer's records for documentation. This form ensures the SEP plan complies with Section 408(k) of the Internal Revenue Code.
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