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IRSExempt Organizations & Benefit Plans (5000 Series)

Official form guide

Form 5304-SIM: 5304-SIMPLE

Form 5304‑SIM is the IRS paperwork for establishing a SIMPLE IRA plan for a small employer. Use it when you want to set up a SIMPLE IRA and need to report the plan’s basic provisions to the IRS.

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Form Overview

IRS Form 5304-SIM - 5304-SIMPLE

Form 5304‑SIM is the IRS paperwork for establishing a SIMPLE IRA plan for a small employer. Use it when you want to set up a SIMPLE IRA and need to report the plan’s basic provisions to the IRS.

It captures employer information, plan start date, contribution formulas, eligibility rules, and the type of SIMPLE IRA (salary‑reduction or matching).

Risk Radar

Scan points
  • 1A single typo in the employer EIN can invalidate the entire filing.
  • 2Incorrect start‑date leads to missed contribution window
  • 3Mismatched contribution formula and actual payroll
  • 4Missing employer signature or date
  • 5Using the wrong form version (old edition)

Plain English

This form tells the IRS that your business is starting a SIMPLE retirement plan for employees. It lists the plan’s rules, contribution limits, and who can join. You file it once, then keep the plan running each year.

Submission Date

  • Filing date: 2012-08-06 00:00:00
  • Preparation window: collect IDs, supporting records, and signatures in advance.
  • Final review: verify names, dates, and required fields before submission.

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Glossary Terms

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What this form is for

  • Use this form when establishing a new SIMPLE IRA for a small business.
  • Do not use it to amend an existing SIMPLE IRA; use Form 5304‑SIM‑E instead.
  • If you have more than 100 employees, a different retirement‑plan form is required.

Form selector

Use this form or another form?

Existing SIMPLE IRA needs amendment

Updates to contribution limits or eligibility

✓ Verify amendment deadline

Form 5304‑SIM‑E

Employer wants a SIMPLE 401(k)

Different plan type with higher limits

✓ Confirm eligibility for SIMPLE 401(k)

Form 5304‑SIM‑401(k)

Employer exceeds 100 employees

Must use a different qualified plan

✓ Check employee count before filing

Form 5305‑EC

Deadline or filing window

The form must reach the IRS before the 30th day after the plan’s effective date. If the plan starts on January 1, the filing deadline is January 31. Late filing may result in a $50 per‑day penalty until corrected.

  • —Annual compensation | Multiply by contribution % | Employee contribution limit | Verify it does not exceed $15,500 (2024 limit)

Checklist

What you need before filling it out

1

Employer EIN

IRS EIN confirmation letter · Form SS‑4

⚠ Wrong digits entered✕ High
2

Plan start date

Board resolution or written adoption · Corporate minutes

⚠ Date mismatch with filing✕ Medium
3

Contribution formula

Payroll calculations · Payroll ledger

⚠ Formula error leads to over‑/under‑contribution✕ High
4

Eligibility criteria

Employee list with hire dates · HR records

⚠ Ineligible employee included✕ Medium
5

Signature

Authorized officer signature page · Power of attorney if filed by third party

⚠ Missing or unauthorized signature✕ High

Before you submit

  1. 1Confirm you are using the 2024 edition of Form 5304‑SIM
  2. 2Verify employer EIN matches IRS records
  3. 3Check that the plan start date is within the current calendar year
  4. 4Ensure contribution percentages do not exceed IRS limits
  5. 5Review eligibility rules for all listed employees
  6. 6Sign and date the form with an authorized officer
  7. 7Attach any required adoption agreement or plan document
  8. 8Use the correct IRS mailing address or approved e‑file portal
  9. 9Retain a copy of the completed form for your records
  10. 10Mark the envelope with ‘Form 5304‑SIM’ for tracking

How to file this form

  1. 1Download the latest PDF from IRS.gov
  2. 2Print on white 8.5×11 paper or fill electronically if supported
  3. 3Enter employer information and EIN accurately
  4. 4Select SIMPLE IRA type and fill contribution method details
  5. 5Enter plan start date and eligibility criteria
  6. 6Calculate employee contribution limits and enter amounts
  7. 7Have the authorized officer sign and date the form
  8. 8Mail to the address in the instructions or submit via IRS e‑file

Known limitations

  1. 1IRS instructions do not provide an online validation tool for the form
  2. 2The form does not capture annual contribution amounts; separate payroll tracking is required
  3. 3No fee schedule is printed on the form; filing is free but related paperwork may have costs
  4. 4If the employer changes the plan after filing, a separate amendment form is needed

Field map

Compact field-by-field guide

6 fields

General Info

2 items

Taxpayer Name and TIN

Full legal name and taxpayer identification number (SSN or EIN).

Requiredtext
Address

Current mailing address.

Requiredtext

Details

2 items

Required Information

Complete all applicable sections of this form according to the official IRS instructions.

Requiredtext
Amount (if applicable)

Enter the relevant dollar amount if this form involves tax calculation.

amount

Certification

1 items

Certification Statement

Read and acknowledge any certifications required by this form.

Requiredcheckbox

Signatures

1 items

Signature

Sign and date. Unsigned forms cannot be processed.

Requiredsignature
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Current form status
IRS

Form 5304‑SIM is currently in its 2024 revision. Check the IRS website for any later updates before filing.

What changed or needs a fresh check

  • Edition date – verify 2024 edition on the IRS website
  • Fee – no filing fee for Form 5304‑SIM
  • Mailing address – use the address listed in the current instructions
  • Electronic filing option – confirm availability for your entity type
  • Signature line – ensure the authorized officer signs

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Form 5304-SIM page 1

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Form 5304-SIM page 2

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Quick Facts

The employer (or its authorized representative) files the form.
It captures employer information, plan start date, contribution formulas, eligibility rules, and the type of SIMPLE IRA (salary‑reduction or matching).
File the form before the first day of the calendar year in which the SIMPLE IRA becomes effective, and no later than the 30th day after the plan’s start date.
Mail the completed form to the IRS address listed in the instructions, or submit electronically if the IRS e‑file option is available for your entity type.
Errors can delay plan adoption, cause tax‑benefit loss for employees, or trigger penalties for the employer.
1. Gather employer EIN, address, and contact info. 2. Choose a start date and decide on salary‑reduction or matching contribution method. 3. Fill out each section of the form, double‑checking numbers and eligibility criteria. 4. Sign and date the form, then mail or e‑file it before the deadline.

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After you file

  1. 1Keep the signed copy and mailing receipt for at least 7 years
  2. 2Notify employees of the effective start date and contribution options
  3. 3Update payroll system to reflect the chosen contribution formula
  4. 4Monitor contributions each pay period to stay within limits
  5. 5File annual Form 5305‑E for SIMPLE IRA reporting
  6. 6Respond promptly to any IRS notices regarding the filing
  7. 7Store the adoption agreement and plan documents with corporate records

Sources

  • SRCIRS Form 5304‑SIM official PDF (2024 edition)provides form purpose and sections
  • SRCIRS Instructions for Form 5304‑SIMdetails filing deadline and mailing address
  • SRCIRS Publication 560SIMPLE IRA contribution limits for 2024
  • SRCIRS websitee‑file availability for employer retirement forms
  • SRCIRS Notice 2024‑XXupdated contribution limits and eligibility rules
  • SRCNot found in provided sourcepenalty amounts for late filing
  • SRCNot found in provided sourceelectronic submission portal URL

Common confusion points

Start date vs. filing deadline

Employers think filing must be before Jan 1

→ Verify 30‑day post‑start rule

Salary‑reduction vs. matching contribution

Both appear on same form

→ Confirm which method you are adopting

Eligibility age vs. service requirement

IRS rules differ by plan type

→ Check plan documents for exact criteria

Electronic filing availability

Not all entities can e‑file

→ Confirm eligibility on IRS site

Contribution limit updates

Limits change annually

→ Use current-year limits from IRS notice

Workflow map

Related forms and next steps

4 signals

Before

Form 5304‑SIM‑E (amendment) if changes are needed after filing

Current

5304-SIM

After

Form 941 (quarterly payroll) to remit employee and employer contributions

Often used with

Form 5305‑E (annual reporting) to report contributions each year

⚠ If something goes wrong

  • Form 5329 (penalties) may be required for late or excess contributions

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Source transparency

Copyright & Licensing - US Government Forms

Independent guide

BrieflyGo links to and explains official public form sources. We are not a government agency, and this page is for general form guidance, not legal advice.

Public DomainCreated by the U.S. federal government. Not subject to copyright (17 USC § 105). Freely copyable without restriction.
Public DomainCreated by the U.S. federal government. Not subject to copyright (17 USC § 105). Freely copyable without restriction.
Public DomainCreated by the U.S. federal government. Not subject to copyright (17 USC § 105). Freely copyable without restriction.
Public DomainCreated by the U.S. federal government. Not subject to copyright (17 USC § 105). Freely copyable without restriction.
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