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What is the difference between 5304 & 5305 Forms?

Both Form 5304 and Form 5305 are IRS model forms used by employers to establish a SIMPLE IRA plan. Form 5304-SIMPLE is used when employees choose their own financial institution to hold their SIMPLE IRA funds.

Form 5305-SIMPLE is used when the employer selects the financial institution for all employees’ accounts.
 

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