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Make sure you have the following information:
- Company name and address
- Company EIN (see note below for sole proprietors)
- Access to a valid e-mail account (verification required before you can complete the form)
- A determination whether you want to make contributions starting with the current year (e.g., 2021) or also the prior year (e.g. 2020).
Please note the following items:
- You may complete this form to establish a plan (and make contributions) beginning with the current tax year or prior tax year.
- IMPORTANT: To establish a plan and make contributions for the prior tax year:
- You cannot have filed your tax return for the prior tax year.
- Your tax filing date (including any applicable extensions) must not have passed yet (e.g., you must be able to file your tax return timely still).
- You did not have a SIMPLE IRA for the last tax year.
- Please consult your CPA or tax professional if you have questions regarding the status of your tax filing for the prior year.
- The forms must be completed online. Printed or faxed versions of these documents will not be accepted.
- You will need access to a valid e-mail address. You will be asked to provide a verification code that will be sent to that e-mail address.
- Please be aware the engagement agreement and the plan document that will be completed are intended for Owner-Only 401(k) Plans. These documents are only intended for companies with no employees (other than the owners), which includes any company under common control or ownership. If you have questions, please contact your Nova Sales Consultant.
- If you are operating as a sole proprietor, please be aware that a federal EIN is required to sponsor an employer-sponsored tax-qualified retirement plan. You may apply for an EIN at https://sa.www4.irs.gov/modiein/individual/index.jsp. The process generally only takes a few minutes and you will immediately be provided an EIN online by the IRS.
- Payment is due immediately. Once you provide all the required information on the forms, you will be prompted for payment details. The forms cannot be processed or completed until payment has been remitted. Payment must be made online in order to complete these documents through this process. Please contact your Nova Sales Consultant if you have questions.