Sep

[JG EA]

I've been figuring out rules on SEP's and the client is actively trying to buy. The client found a bank today that knows what they are and requires a copy of the 5305. Is this common that the bank wants to see a copy of this form? This is a Sole Prop and he is setting up for himself.

[veritas]

5305-sep

Is a IRS model form your client can use to adopt the SEP.

[JG EA]

Very true. Does the bank usually need to see it?

[veritas]

I would imagine yes

I have to provide a copy to the fund family whenever I set one up.