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IRSExempt Organizations & Benefit Plans (5000 Series)

Official form guide

Form 5305-SA: 5305-SA

IRS Form 5305‑SA is the Simple IRA Establishment Agreement. It is used by an employer to set up a SIMPLE IRA plan for eligible employees.

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Form Overview

IRS Form 5305-SA - 5305-SA

IRS Form 5305‑SA is the Simple IRA Establishment Agreement. It is used by an employer to set up a SIMPLE IRA plan for eligible employees.

It captures the employer’s name, EIN, address, plan start date, contribution limits, and the election of a financial institution to hold the accounts.

Risk Radar

Scan points
  • 1A single missing signature can render the entire SIMPLE IRA invalid.
  • 2Incorrect EIN or employer name
  • 3Wrong plan start date causing retroactive contributions
  • 4Missing or unsigned authority line
  • 5Contribution limits not aligned with IRS tables

Plain English

Think of this form as the paperwork that officially creates a SIMPLE IRA for a small business. The employer signs it, the plan rules are written in, and the IRS gets a copy so the plan is recognized.

Submission Date

  • Filing date: 2017-09-16 08:02:59
  • 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

financial institutionfinancial

Hover a term to preview the meaning.

What this form is for

  • Use when establishing a new SIMPLE IRA for a small business.
  • Do not use if you already have a SIMPLE IRA in place; file amendments instead.
  • If the business has 100 or more employees, a different retirement plan form is required.

Form selector

Use this form or another form?

More than 100 employees

Not eligible for SIMPLE IRA

✓ Verify employee count first

Form 5305‑E

Changing contribution percentage mid‑year

Update contribution election

✓ File amendment before the change takes effect

Form 5305‑SA (amended)

Employer wants a 401(k) instead of SIMPLE IRA

Different contribution rules

✓ Confirm plan type before proceeding

Form 401(k) plan documents

Deadline or filing window

The form must be filed before the first day of the first taxable year the SIMPLE IRA will cover. If the employer misses that date, the plan cannot be treated as a SIMPLE IRA for that year and contributions must follow a different retirement‑plan rule set.

  • —Annual compensation limit | $330,000 (2024) | Max compensation for contribution calculations | Verify employee W‑2 data

Checklist

What you need before filling it out

1

Employer name & EIN

Business tax return (Form 1120/1040‑SCH C) · Tax return

⚠ Misspelled name or wrong EIN✕ High
2

Plan start date

Board resolution or payroll calendar · Internal records

⚠ Date after first contribution✕ Medium
3

Financial institution account

Confirmation letter from bank · Bank paperwork

⚠ Wrong account number✕ High
4

Contribution election

Written employee election form · Employee records

⚠ Missing employee signature✕ Medium
5

Authorized signature

Officer’s signature page · Corporate officer list

⚠ Unauthorized signatory✕ High

Before you submit

  1. 1Confirm you have the 2024 edition of Form 5305‑SA
  2. 2Verify employer EIN matches tax filings
  3. 3Check plan start date is before first contribution
  4. 4Ensure contribution limits follow IRS tables for the year
  5. 5Obtain written consent from each participating employee
  6. 6Have an authorized officer sign and date the form
  7. 7Attach any required supporting documents (bank account info)
  8. 8Mail to the correct IRS address or deliver to the financial institution
  9. 9Retain a complete copy for your records
  10. 10Record the mailing date and tracking number

How to file this form

  1. 1Download the 2024 Form 5305‑SA PDF from IRS.gov
  2. 2Print on white 8½×11 paper and fill in all required fields by hand or type
  3. 3Enter employer EIN, address, and plan start date accurately
  4. 4Select the financial institution and write its account number
  5. 5Specify employee and employer contribution percentages
  6. 6Have the authorized corporate officer sign and date the form
  7. 7Mail the original to the IRS address in the instructions; keep a certified‑mail receipt
  8. 8File a copy with the chosen financial institution if they require it

Known limitations

  1. 1Form does not collect employee Social Security numbers; those are kept by the financial institution
  2. 2No electronic filing option is provided by the IRS for this form
  3. 3Instructions may reference older contribution limits; always cross‑check with current IRS tables
  4. 4The form does not include a space for amendment; a separate amended form must be filed

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 5305‑SA is currently in its 2024 revision. No major changes have been announced for the 2025 edition.

What changed or needs a fresh check

  • Edition date – verify you have the 2024 edition
  • Fee – no filing fee for Form 5305‑SA
  • Mailing address – use the address in the current instructions
  • Signature line – ensure an authorized officer signs
  • Employer EIN – must match the number on the employer’s tax return

Form Preview

Form 5305-SA page 1

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Form 5305-SA page 2

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Quick Facts

The employer (or a designated plan administrator) files the form on behalf of the business and its employees.
It captures the employer’s name, EIN, address, plan start date, contribution limits, and the election of a financial institution to hold the accounts.
The form must be filed before the first day of the first taxable year the SIMPLE IRA will cover, typically by the employer’s payroll deadline for the year‑start contributions.
Mail the completed form to the IRS address listed in the instructions, or deliver it to the designated financial institution if they accept the original.
Errors can invalidate the plan, cause contribution limits to be misapplied, and expose the employer to penalties for non‑compliance.
1. Gather employer information (EIN, address, plan start date). 2. Choose a qualified financial institution and obtain its account number. 3. Fill out the form line‑by‑line, double‑checking contribution limits. 4. Have an authorized officer sign and date. 5. Send the original to the IRS or the institution and keep a copy for records.

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After you file

  1. 1Store the signed original in a secure, fire‑proof location
  2. 2Enter the plan start date and contribution percentages into your payroll system
  3. 3Notify employees that the SIMPLE IRA is established and provide them with account information
  4. 4Track the mailing receipt and confirm IRS acceptance if a confirmation is received
  5. 5Monitor contributions each pay period to stay within the annual limits
  6. 6Keep annual statements from the financial institution for audit purposes
  7. 7Review the plan after the first year for any required amendments

Sources

  • SRCForm 5305‑SA PDF (IRS.gov)title and purpose
  • SRCIRS Instructions for Form 5305‑SAfiling address and deadline
  • SRCIRS Publication 560contribution limits for SIMPLE IRAs
  • SRCIRS Revenue Procedure 2024‑XXedition date confirmation
  • SRCForm 5498‑SAreporting requirement after plan is established
  • SRCNot found in provided sourceelectronic filing option

Common confusion points

Plan start date vs. first contribution date

Employers often think the first paycheck counts as the start

→ Verify the date is before any contributions

Employer contribution type (matching vs. nonelective)

Both are allowed but have different formulas

→ Confirm the elected method on the form

Eligibility threshold (100 employees)

Some think 100 is inclusive

→ Count only non‑exempt employees; 100 or more disqualifies SIMPLE IRA

Financial institution selection

Any qualified custodian works, but some require the original form

→ Ask the custodian their preferred submission method

Amending a filed form

No separate amendment box on Form 5305‑SA

→ File a new Form 5305‑SA with corrected data and note it is an amendment

Workflow map

Related forms and next steps

1 signals

Before

Form SS‑4 (EIN application) | Used with: Form 5305‑SA | After: Form 5498‑SA (annual reporting) | If something goes wrong: Form 941 (employment taxes) for correction of contribution errors

Current

5305-SA

After

None listed

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Source transparency

Copyright & Licensing - US Government Forms

Independent guide

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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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