Get the free Form 5500

This form is required to be filed for employee benefit plans under sections 104 and 4065 of the Employee Retirement Income Security Act of 1974 (ERISA) and sections 6047(e), and 6058(a) of the Internal

How to fill out form 5500

How to fill out Form 5500

1. Gather necessary information about the plan, including the plan name, sponsor information, and plan year.
2. Determine if you need to file Form 5500, based on the size and type of employee benefit plan.
3. Complete Part I: Basic Plan Information.
4. Fill out Part II: Financial Information, including balance sheets and income statements from the plan.
5. Complete Part III: Service Provider Information, including details about service providers and their fees.
6. Fill out any applicable schedules that pertain to your plan, such as Schedule A for insurance, Schedule C for service providers, etc.
7. Review the form for accuracy and completeness.
8. Submit the form electronically through the EBSA Filing System before the deadline.

Who needs Form 5500?

1. Employers who maintain an employee benefit plan, including pensions, health plans, and other welfare benefit plans.
2. Plan administrators who are required to file for plans with 100 or more participants.
3. Small plans that file as required under ERISA may need to file Form 5500 depending on specific thresholds and conditions.

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 document that employee benefit plans, including pension and health plans, must file annually with the U.S. Department of Labor. It provides information about the plan's financial condition, investments, and operations.

Who is required to file Form 5500?

Plan administrators of employee benefit plans that fall under the Employee Retirement Income Security Act (ERISA) are required to file Form 5500, typically those that have 100 or more eligible participants.

How to fill out Form 5500?

To fill out Form 5500, you need to gather necessary financial information about the plan, complete the required sections regarding plan participants and operations, and may need to use electronic filing through the DOL's EFAST system.

What is the purpose of Form 5500?

The purpose of Form 5500 is to ensure compliance with ERISA's reporting and disclosure requirements, provide transparency regarding the plan's financial health, and help the government monitor the administration of employee benefit plans.

What information must be reported on Form 5500?

Form 5500 requires reporting information such as the plan's basic identification details, financial statements, information about plan sponsors, participant counts, and actuarial and investment details.