Get the free Form 5500

This document provides comprehensive instructions for completing Schedule G of Form 5500, detailing requirements regarding leases in default, loans in default, and nonexempt transactions.

How to fill out form 5500

How to fill out Form 5500

1. Gather necessary information about the plan, such as the plan name, sponsor, and tax identification number.
2. Determine the correct version of Form 5500 to use based on the size of the plan and whether it is a single-employer or multi-employer plan.
3. Complete the basic identifying information in the top section of the form.
4. Provide information regarding the plan's characteristics, including the type of plan, number of participants, and plan year.
5. Fill out sections related to financial statements, including assets, liabilities, and income/expenses if applicable.
6. Answer questions related to compliance, such as whether the plan is subject to ERISA requirements.
7. Review the information to ensure accuracy and completeness before submitting.
8. Submit the form electronically through the Department of Labor's EFAST2 system by the deadline.

Who needs Form 5500?

1. Employers who offer employee benefit plans, including retirement plans and health plans.
2. Plan sponsors who are required to file annual reports for plans covered by the Employee Retirement Income Security Act (ERISA).
3. Organizations that manage multi-employer plans or those that meet certain thresholds for participant count or plan assets.

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 a report that employee benefit plans must file with the U.S. Department of Labor (DOL) and the Internal Revenue Service (IRS). It provides information about the plan's financial condition, investments, and operations.

Who is required to file Form 5500?

Generally, employee benefit plans that are subject to the Employee Retirement Income Security Act (ERISA) must file Form 5500. This includes defined benefit plans, defined contribution plans, and certain other types of plans.

How to fill out Form 5500?

Form 5500 is filled out by gathering the necessary information about the employee benefit plan, such as plan assets, liabilities, and participant information. The form can be completed online using the EFAST2 system and must be filed annually.

What is the purpose of Form 5500?

The purpose of Form 5500 is to provide the federal government and plan participants with information about the annual financial condition and operations of employee benefit plans, promoting transparency and compliance.

What information must be reported on Form 5500?

Form 5500 requires various pieces of information such as the plan's financial statements, details on plan funding, participant count, benefits provided, and any changes to the plan during the reporting period.