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SIMPLE IRA Plan setup

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How can I set up my SIMPLE IRA plan for my S-Corp through WealthRabbit?

To set up your SIMPLE IRA plan for your S-Corp, follow the steps below: Step 1: Sign in to your WealthRabbit account Step 2: Fill out your business's retirement plan information in the respective fields and click the "Next" button. Step 3: Set up the two-factor authentication, then proceed with your SIMPLE IRA plan setup process. Step 4: Enter your basic information, select the business structure, and fill out the necessary information, then click the "Save and Continue" option. Note: If you are an S-corporation, make sure that you have an agreement copy of your "Articles of Incorporation." This copy is essential for setting up your SIMPLE IRA plan. You must upload a copy of your document during the plan setup process. Ensure you have already obtained the document and keep it for further processing. Note: To learn more about how to get a copy of your “Articles of Incorporation.” or how to use this, Click here. Step 5: If your business is exempt from identifying and verifying the beneficial owners, check out the relevant option below. As you are a Corporation, you must have the following categories to be filed: - Beneficial Owner - Entity Officer - Authorized Signer - Secretary Note: You must fill out the details of all the categories mentioned above, and you can add only one authorized signer detail. You aren't allowed to add more than one authorized signer. When your business doesn't have a designated secretary, the authorized signer will be considered the secretary. Step 6:  Click "Add Officer Information," fill out the details, and click the "Save" option. Once you fill out the details, ensure the information is correct, then click the "Save and Continue" option. Step 7: You have the option to either include all employees as eligible for the SIMPLE IRA plan or restrict employees based on their annual compensation. In addition, you can exclude certain employees from the SIMPLE IRA plan if they are covered under a collective bargaining agreement. Select and mention the relevant option here and click the "Save and Continue" option. Step 8: Here, you provide additional details about your SIMPLE IRA plan, such as the plan name and effective date of the plan, in the relevant fields. Also you can change your retirement plan, then click the "Save and Continue" option. Step 9: You can choose when your employee can modify their salary reduction contribution agreement, and that can be: - Monthly - Quarterly - Only during the election period. Based on your preference, select the option and then click the "Save and Continue" option. Step 10: Choose the type of contribution that you offer your employees for this SIMPLE IRA plan. Click the "Save and Continue" option. Step 11: Click "Add your Bank Account" to add your account details. When adding your account, make sure the account holder's name and the business name provided are similar. Once you finish setting up your account details, verify them and edit or delete the account if necessary, then click the "Continue" option. Step 12: You must upload a copy of the agreement of the "Articles of Incorporation," as mentioned in the business structure, then click the "Save and Continue" option. Step 13:  Send the agreements to your business's authorized signer or secretary for e-signing. After signing, click the "Continue" option. Note: When you revoke the agreement for any one person, all the sent agreements will also be revoked. Step 14: You can view and verify all the details of what you provided and ensure all the consent we provided, then click the "Submit" button. After you submit your information, we'll verify your details to set up your account. This process takes 24 to 48 hours. Once the process is over, you'll be notified by email, and then you can invite your employees.

Last updated on Nov 15, 2024

How can I set up my SIMPLE IRA plan for my LLC through WealthRabbit?

To set up your SIMPLE IRA plan for your LLC, follow the steps below: Step 1: Sign in to your WealthRabbit account Step 2: Fill out your business's retirement plan information in the respective fields and click the "Next" button. Step 3: Set up the two-factor authentication, then proceed with your SIMPLE IRA plan setup process. Step 4: Enter your basic information, select the business structure, and fill out the necessary information, then click the "Save and Continue" option. Note: If you are an LLC, make sure that you have an agreement copy of your "Operating Agreement." This copy is essential for setting up your SIMPLE IRA plan. You must upload a copy of your document during the plan setup process. Ensure you have already obtained the document and keep it for further processing. Note: To learn more about how to get a copy of your “Operating Agreement” or how to use this, Click here Step 5: If your business is exempt from identifying and verifying the beneficial owners, check out the relevant option below. As you are a Corporation, you must have the following categories to be filed: - Beneficial Owner - Entity Officer - Authorized Signer Note: You must fill out the details of all the categories mentioned above, and you can allow to add only one authorized signer detail. You aren't allowed to add more than one authorized signer. Beneficial owners or entity officers can be considered managers. Step 6: Click "Add Officer Information," fill out the details, and click the "Save" option. Once you fill out the details, ensure the information is correct, then click the "Save and Continue" option. Step 7: You have the option to either include all employees as eligible for the SIMPLE IRA plan or restrict employees based on their annual compensation. In addition, you have the option to exclude certain employees from the SIMPLE IRA plan if they are covered under a collective bargaining agreement. Select the relevant option here and click the "Save and Continue" option. Step 8: Here, you provide additional details about your SIMPLE IRA plan, such as the plan name and effective date of the plan, in the relevant fields. Also you can change your retirement plan, then click the "Save and Continue" option. Step 9: You can choose when your employee can modify their salary reduction contribution agreement, and that can be: - Monthly - Quarterly - Only during the election period. Based on your preference, select the option and then click the "Save and Continue" option. Step 10: Choose the type of contribution that you offer your employees for this SIMPLE IRA plan. Click the "Save and Continue" option. Step 11: Click "Add your Bank Account" to add your account details. When adding your account, make sure the account holder's name and the business name provided are similar. Once you finish setting up your account details, verify them and edit or delete the account if necessary, then click the "Continue" option. Step 12: You must upload a copy of the "Operating Agreement" agreement, as mentioned in the business structure, then click the "Save and Continue" option. Step 13: Send the agreements to your business's authorized signer or secretary for e-signing. After signing, click the "Continue" option. Note: When you revoke the agreement for any one person, all the sent agreements will also be revoked. Step 14: You can view and verify all the details of what you provided and ensure all the consent we provided, then click the "Submit" button. After you submit your information, we'll verify your details to set up your account. This process takes 24 to 48 hours. Once the process is over, you'll be notified by email, and then you can invite your employees.

Last updated on Nov 15, 2024

How can I set up my SIMPLE IRA plan for my partnership business through WealthRabbit?

To set up your SIMPLE IRA plan for your partnership business, follow the steps below: Step 1: Sign in to your WealthRabbit account Step 2: Fill out your business's retirement plan information in the respective fields and click the "Next" button. Step 3: Set up the two-factor authentication, then proceed with your SIMPLE IRA plan setup process. Step 4: Enter your basic information, select the business structure, and fill out the necessary information, then click the "Save and Continue" option. Note: If you are a partnership business, make sure that you have an agreement copy of your "Partnership Agreement." This copy is essential for setting up your SIMPLE IRA plan. You must upload a copy of your document during the plan setup process. Ensure you have already obtained the document and keep it for further processing. Note: To learn more about how to get a copy of your “Partnership Agreement” or how to use this, Click here. Step 5: If your business is exempt from identifying and verifying the beneficial owners, check out the relevant option below As you are a partnership business, you must have the following categories to be filed: - Beneficial Owner - Entity Officer - Authorized Signer Note: You must fill out the details of all the categories mentioned above, and you can allow to add only one authorized signer detail. You aren't allowed to add more than one authorized signer. Beneficial owners or entity officers can be considered managers. Step 6: Click "Add Officer Information," fill out the details, and click the "Save" option. Once you fill out the details, ensure the information is correct, then click the "Save and Continue" option. Step 7: You have the option to either include all employees as eligible for the SIMPLE IRA plan or restrict employees based on their annual compensation. In addition, you have the option to exclude certain employees from the SIMPLE IRA plan if they are covered under a collective bargaining agreement. Select and mention the relevant option here and click the "Save and Continue" option. Step 8:  Here, you provide additional details about your SIMPLE IRA plan, such as the plan name and effective date of the plan, in the relevant fields. Also you can change your retirement plan, then click the "Save and Continue" option. Step 9: You can choose when your employee can modify their salary reduction contribution agreement, and that can be: - Monthly - Quarterly - Only during the election period. Based on your preference, select the option and then click the "Save and Continue" option. Step 10: Choose the type of contribution that you offer your employees for this SIMPLE IRA plan. Click the "Save and Continue" option. Step 11: Click "Add your Bank Account" to add your account details. When adding your account, make sure the account holder's name and the business name provided are similar. Once you finish setting up your account details, verify them and edit or delete the account if necessary, then click the "Continue" option. Step 12: You must upload a copy of the agreement of the "Partnership documents and Government ID documents," as mentioned in the business structure, then click the "Save and Continue" option. Step 13: Send the agreements to your business's authorized signer or secretary for e-signing. After signing, click the "Continue" option. Note: When you revoke the agreement for any one person, all the sent agreements will also be revoked. Step 14: You can view and verify all the details of what you provided and ensure all the consent we provided, then click the "Submit" button. After you submit your information, we'll verify your details to set up your account. This process takes 24 to 48 hours. Once the process is over, you'll be notified by email, and then you can invite your employees.

Last updated on Nov 15, 2024