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Official form guide
Form 5305-RB: 5305-RB
IRS Form 5305-RB is a model SIMPLE IRA plan document that employers use to establish a Savings Incentive Match Plan for Employees (SIMPLE) IRA. It is completed and kept on file by the employer, not filed with the IRS, unless requested. Use it when setting up a SIMPLE IRA for a small business with 100 or fewer employees.
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IRS Form 5305-RB - 5305-RB
IRS Form 5305-RB is a model SIMPLE IRA plan document that employers use to establish a Savings Incentive Match Plan for Employees (SIMPLE) IRA. It is completed and kept on file by the employer, not filed with the IRS, unless requested. Use it when setting up a SIMPLE IRA for a small business with 100 or fewer employees.
Risk Radar
Scan points- 1Using an outdated or unsigned form can jeopardize the entire SIMPLE IRA plan’s tax benefits.
- 2Using an outdated edition date
- 3Missing employer signature or date
- 4Incorrect eligibility criteria (e.g., exceeding 100‑employee limit)
- 5Omitting required contribution formula details
Plain English
This form is basically a template that tells the IRS how your SIMPLE IRA plan works. You fill it out once, keep it with your business records, and give copies to employees. You don’t send it to the IRS unless they ask for it.
Submission Date
- Filing date: 2017-09-16 08:03:11
- Preparation window: collect IDs, supporting records, and signatures in advance.
- Final review: verify names, dates, and required fields before submission.
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What this form is for
- Use this form when establishing a new SIMPLE IRA plan for a small business.
- Do not use this form to report contributions or distributions; those go on Form 5498 or Form 1099‑R.
- Check Form 5304‑SIMPLE if you want a SIMPLE IRA plan that allows employees to choose the financial institution.
Form selector
Use this form or another form?
Employer wants a SIMPLE IRA where employees pick the institution
Allows employee‑chosen provider
✓ Verify employee eligibility before choosing
Employer needs to report annual SIMPLE IRA contributions
Reports contributions to IRS and participants
✓ Confirm calendar‑year reporting period
Employer must report distributions from a SIMPLE IRA
Reports rollovers and withdrawals
✓ Ensure correct distribution code is used
Deadline or filing window
There is no routine deadline to submit Form 5305‑RB to the IRS; the form is retained by the employer. The plan must be adopted before the first day of the plan year, typically by October 1 for a calendar‑year plan. If the IRS requests the form, respond within the time frame stated in the request.
Checklist
What you need before filling it out
Employer information
Employer name, address, EIN · Business registration documents or IRS CP 575
Plan year
Calendar year or fiscal year start date · Company accounting policy
Eligibility criteria
Employee compensation and service requirements · Payroll records or HR policy
Contribution formula
Matching percentage or nonelective contribution rate · Board resolution or plan design notes
Signature block
Authorized representative signature and date · Internal approval record
Distribution rules
Withdrawal and loan provisions · Plan document draft or legal advice
Amendment procedures
Process for future changes · Prior plan amendments or legal counsel
Before you submit
- 1Verify you have the latest edition of Form 5305‑RB from IRS.gov
- 2Confirm employer name, address, and EIN match official records
- 3Check that the plan year start date is correctly entered
- 4Ensure eligibility requirements do not exceed the 100‑employee limit
- 5Confirm contribution formula (matching or nonelective) is complete and accurate
- 6Obtain signature and date from an authorized company representative
- 7Make a copy for each eligible employee and retain the original in company files
- 8Review distribution and withdrawal provisions for completeness
- 9Ensure any plan amendments are noted and attached if applicable
- 10Verify that no fees are incorrectly listed (form has no filing fee)
- 11Store the form where it can be produced if the IRS requests it
- 12Double‑check that the form is not being sent to the IRS unless requested
How to file this form
- 1Download current Form 5305‑RB from IRS.gov
- 2Complete employer identification section
- 3Enter plan year and eligibility criteria
- 4Specify contribution formula (matching or nonelective)
- 5Obtain authorized signature and date
- 6Distribute copies to employees and file original with business records
- 7Record the adoption date in corporate minutes or board resolutions
- 8Retain the form for at least four years after the plan year ends
Known limitations
- 1Form 5305‑RB is a model document; it may need to be adapted to match state law requirements
- 2The form does not capture investment option selections; those are handled by the chosen financial institution
- 3Using this form does not relieve the employer of annual reporting obligations on Form 5498
- 4The form cannot be used for a SIMPLE 401(k) plan; a different model applies
- 5If the employer exceeds 100 employees, the form is no longer valid and a different plan must be used
- 6The form does not include salary reduction agreement language; that is a separate employee document
Field map
Compact field-by-field guide
General Info
2 items
Full legal name and taxpayer identification number (SSN or EIN).
Current mailing address.
Details
2 items
Complete all applicable sections of this form according to the official IRS instructions.
Enter the relevant dollar amount if this form involves tax calculation.
Certification
1 items
Read and acknowledge any certifications required by this form.
Signatures
1 items
Sign and date. Unsigned forms cannot be processed.
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Fillable formOpen in Editor->Form 5305‑RB is periodically revised; the latest edition is available on IRS.gov and should be verified before use.
What changed or needs a fresh check
- Edition date – check the bottom left for the current revision (e.g., Rev. January 2024)
- Fee – no filing fee; only possible cost is for plan administration
- Mailing address – not applicable; retain copy internally
- Deadline – adopt before the first day of the plan year; no IRS filing deadline unless requested
- Signature – authorized employer representative must sign and date
- Required evidence – employer EIN, plan year, contribution formula, and employee eligibility criteria
Quick Facts
Downloads
After you file
- 1Keep the original signed Form 5305‑RB in the company’s permanent records
- 2Provide a copy to each eligible employee within a reasonable time after adoption
- 3Record the plan’s adoption date in corporate minutes or board resolutions
- 4Monitor employee eligibility each year and update the form if the employer’s size changes
- 5Retain the form for at least four years after the plan year ends, as required by IRS recordkeeping rules
- 6If the plan is amended, attach the amendment to the original form and retain both
- 7Track any IRS correspondence regarding the form and respond promptly
- 8Review the form periodically (e.g., every three years) to ensure it reflects current law
Sources
- SRCPlan establishment date
- SRCEmployer identification number (EIN)
- SRCPlan name
- SRCEligibility requirements
- SRCCompensation definition
- SRCContribution limits
- SRCDistribution rules
- SRCRollover provisions
- SRCRequired amendments
- SRCSignature authority
Common confusion points
Confusing Form 5305‑RB with Form 5304‑SIMPLE
Both are SIMPLE IRA models but differ in institution choice
→ Verify whether employees can pick the financial institution (5304‑SIMPLE) or employer picks (5305‑RB)
Thinking the form must be filed with the IRS annually
The form is retained internally unless requested
→ Check IRS instructions: no annual filing required
Believing the form covers investment options
Investment choices are set by the financial institution, not the plan document
→ Look at the IRA provider’s agreement, not the form
Assuming the form can be used for businesses with over 100 employees
The SIMPLE IRA plan is limited to 100 employees
→ Confirm employee count before adopting
Mixing up contribution formulas
Matching vs nonelective contributions are distinct
→ Review the plan design notes and employer board resolution
Thinking a signature is optional
The form is invalid without an authorized signature
→ Ensure a signed and dated copy is kept
Assuming the form never needs updating
Legal changes may require amendments
→ Schedule a review of the plan document every few years
Workflow map
Related forms and next steps
Before
Current
After
Often used with
⚠ If something goes wrong
- Consult IRS Publication 560 or a qualified retirement plan advisor to correct plan defects
Source transparency
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