Get the free Form 5500 - irs

This document is required to be filed under the Employee Retirement Income Security Act to report information about employee benefit plans with 100 or more participants for a specific plan year.

How to fill out form 5500 - irs

How to fill out Form 5500

1. Gather necessary information about the employee benefit plan, including plan documents, financial statements, and participant data.
2. Determine the specific requirements for your plan, including the correct Form 5500 version to use (Form 5500, 5500-SF, or 5500-EZ).
3. Complete Section 1 of the form, which includes basic information about the plan such as the plan name, number, and sponsor details.
4. Fill out the financial information section, providing relevant data about plan assets, liabilities, and income/expenses.
5. Provide details about the service providers and any other relevant parties involved in the plan.
6. Complete any additional schedules or attachments that are required based on the type of plan and its complexity.
7. Review the completed form for accuracy and compliance with IRS and DOL regulations.
8. File the Form 5500 electronically with the Department of Labor’s EFAST2 system by the due date.

Who needs Form 5500?

1. Any employee benefit plan that covers 100 or more participants at the beginning of the plan year.
2. Plans that are subject to the Employee Retirement Income Security Act (ERISA) regulations.
3. Plans that are set up by employers, including defined benefit plans, defined contribution plans, and health and welfare plans.

People Also Ask about

Who is exempt from filing form 5500?

You do not have to file Form 5500-EZ for the 2024 plan year for a one-participant plan if the total of the plan's assets and the assets of all other one-participant plans maintained by the employer at the end of the 2024 plan year does not exceed $250,000, unless 2024 is the final plan year of the plan.

Which form 5500 should I file?

Beginning January 1, 2021, you can file the Form 5500-EZ electronically through EFAST2; you can no longer use the Form 5500-SF to electronically file “one-participant” plan and foreign plan annual returns. One-participant plans or foreign plans must file the Form 5500-EZ.

Can I file form 5500 myself?

You can use EFAST2 Internet Filing (IFILE), which is a free Internet-based filing tool designed for individual filers and service providers who choose to not use value-added, EFAST2-approved third party software to complete their Form 5500/Form 5500-SF filings.

Who is required to file form 5500-EZ?

Employers who sponsor one-participant plans or foreign plans must file Form 5500-EZ electronically using the Department of Labor's EFAST2 filing system. Only employers not subject to the IRS e-filing requirements under Treas. Reg. 301.6058-2 may file paper Form 5500-EZ with the IRS.

What is the difference between 5500 and 5500-EZ?

There are 3 types of Form 5500: Form 5500-EZ — for one-participant plans only; Form 5500-SF for plans with fewer than 100 participants; and Form 5500 — for plans with 100 or more participants. Forms 5500 and 5500-SF must be filed electronically using the DOL ERISA Filing Acceptance System (EFAST2)Opens in a new window.

Who has to file a medical form 5500?

IRS Form 5500 applies to most public and private sector businesses providing plans to 100 or more participants. It must be filed electronically using the DOL ERISA Filing Acceptance System (EFAST2).

What is the difference between form 5500 and 5500-EZ?

There are 3 types of Form 5500: Form 5500-EZ — for one-participant plans only; Form 5500-SF for plans with fewer than 100 participants; and Form 5500 — for plans with 100 or more participants. Forms 5500 and 5500-SF must be filed electronically using the DOL ERISA Filing Acceptance System (EFAST2)Opens in a new window.

What is the form 5500 for?

The Form 5500 Series is part of ERISA's overall reporting and disclosure framework, which is intended to assure that employee benefit plans are operated and managed in ance with certain prescribed standards and that participants and beneficiaries, as well as regulators, are provided or have access to sufficient

Who needs to file 5500 for health insurance?

Employers are required to file Form 5500 with the Department of Labor (DOL) when their plan has 100 or more employee participants at the beginning of a plan year and when their plan is funded through a trust, regardless of the number of participants.

Can you switch from a 5500-sf to 5500-ez?

Beginning January 1, 2021, a "one-participant" plan and a foreign plan can file Form 5500-EZ electronically using the EFAST2 filing system or file Form 5500-EZ on paper with the IRS. You can no longer use Form 5500-SF in place of Form 5500-EZ.

For pdfFiller’s FAQs

What is Form 5500?

Form 5500 is an annual report required to be filed by employee benefit plans to provide information about their financial conditions, investments, and operations.

Who is required to file Form 5500?

Employers with retirement plans, health plans, and other employee benefit plans governed by the Employee Retirement Income Security Act (ERISA) are required to file Form 5500.

How to fill out Form 5500?

To fill out Form 5500, you need to gather information about the plan's financial condition, its participants, and any fiduciary responsibilities. Additionally, you may need to use electronic filing through the EFAST2 system for submission.

What is the purpose of Form 5500?

The purpose of Form 5500 is to ensure compliance with the reporting requirements under ERISA and to provide the federal government, plan participants, and beneficiaries with important information about the operation and funding of benefit plans.

What information must be reported on Form 5500?

Form 5500 requires reporting on plan identification information, financial statements, details about plan assets and liabilities, compliance with ERISA, and other relevant data about the employee benefit plan's operations.