In order to file a timely Form 5500-EZ, applicable plan sponsors must file it no later than the end of the seventh month after the end of the plan year. For example, if a plan is calendar-year, the filing deadline for the 2019 plan year is July 31.
The plan sponsor may request a two-and-a-half-month extension. In this case, the plan sponsor must submit Form 5558 in addition to the Form 5500-EZ.
The most important part of Form 5500-EZ is the financials section. It contains financial information about a Solo 401k. This includes the amount of money the plan has at the beginning of the year, the total liability of the plan, and the total contributions of the plan’s three groups.
This information is essential for the tax return. When it comes to the financials section, the brokerage should provide all the financial information, including future rollovers.
Table of contents
Can I file my own 5500?
Often, the IRS will send you a Form 5500. Before you submit the form, you must review and sign it. If you have any questions, you can visit the IRS website and look through their frequently asked questions. IFILE is an online software application that can be used to complete the Form 5500.
It uses a form-filling application that is designed to make filing as simple as possible. Here are some important tips to help you with your filing:
First, make sure the time period you enter on Part I of Form 5500 is twelve months or less. Some plans report on a fiscal year, but if you are reporting on a calendar year, you must input the period that is twelve months or less.
You may enter a shorter period if the plan is not yet a year-old. It is also important that you include any contributions to an EBP during this period.
The Department of Labor, Internal Revenue Service, and Pension Benefit Guaranty Corporation have all developed the Form 5500 Series for employee benefit plans. It fulfills the reporting and disclosure requirements under the Internal Revenue Code and ERISA. The Form 5500 is important to plan sponsors and participants, as well as being a valuable source of data for other Federal agencies.
However, not all plans must file Form 5500, especially if they are small or have fewer than 100 employees. 401(k) plans and self-funded plans are also exempt from filing the Form.
How much does it cost to file 5500?
Online tax filing has many benefits. Not only is the process quicker and more convenient, but it also saves time and money. Tax returns can be complex and confusing, but you can file them online in as little as a few hours. Most tax websites offer online help and assistance, with context-sensitive explanations in panes attached to the main working area.
The help link opens a giant database of questions and answers, and some tax websites direct you to IRS publications and instructions. Technical content is rewritten to be easy to understand and is also available on the help page.
| Rules & Requirements ✅ | Not Required For ❌ |
| Assets Over $250,000 | Assets Under $250,000 |
| E-filing Allowed (Not Required) | Plans with Non-Owner Participants |
| For Solo Plans | Multi-Employer Structures |
| July 31st Filing Deadline | Safe Harbor Plans |
Many tax software companies have a free version, but it’s advisable to pay for a paid plan to unlock all the features. Most big players have free versions that work for basic returns such as W-2 income and standard deductions. Paid plans will offer more features and options, and they are often more convenient than free versions.
But make sure you understand what the limitations are before purchasing one of these online tax filing services. Then, make an informed decision and choose the one that works best for your needs.
There are free online tax filing services, such as TaxSlayer and TurboTax. The free service is great if you’re looking to save money while still filing your taxes. If you don’t need a professional’s help, you can use TurboTax or H&R Block’s DIY option.
They have experts on hand to review your tax return, and they even offer a self-employed option. If you’re still unsure about which service is right for you, try using your local IRS tax office for guidance.
How to File
IRS provides instructions for Form 5500-EZ. To file this form electronically, you must obtain an electronic version from the IRS website. If you need help filling out the form, you should check out the IRS Form 5500 Corner. There, you can find more information about the requirements and the filing deadline.
There are also helpful links for you to find the correct Form 5500-EZ filing instructions. It’s a good idea to save a copy of the form to reference later.
The filing of Form 5500 is mandatory for employers with plans with at least one hundred participants. If fewer than 100 participants, you may use Form 5500-SF. Nonresident aliens should use Form 5500-EZ.
The plan administrator should maintain a copy of Form 5500 in their files and retain a copy of it with their ink signatures. It is possible to fill out the Form 5500 by internal personnel or hire a professional agency to do the filing for you.
If you’re new to the retirement plan filing process, then you’re probably wondering how to file form 5500-EZ. There are a few things you should remember before you begin. To begin, you must have a street address to provide for the employer contributions.
If you don’t have a street address, you can enter a post office box number. In the next section, you must enter the state abbreviation, ZIP code, and employer identification number. In addition, you must include the plan administrator’s EIN, which is required for reporting purposes.
You can find instructions for filing form 5500-EZ on the Internal Revenue Service’s website. If you’re a newcomer to tax filing, you can view the instructions for filing this form online. Make sure to download the PDF file from the IRS’s website.
Final thoughts
When filling out the form, use a black or blue pen with a wet signature. You must complete the form without marking it or adding anything sticky to the blank side.
Unless your plan is a defined benefit plan, you must file Form 5500-EZ. It’s generally the same form for solo 401k plans, but some plans have additional schedules that require an Enrolled Actuary to sign.
The next sections offer step-by-step instructions, along with screenshots. However, these instructions do not cover every situation. You should seek professional advice from your enrolled actuary or accountant before filing.