Get the free Understanding IRS Form 8955-SSA - TIAA-CREF

July 2013 Understanding IRS Form 8955-SSA If your plan is subject to ERICA, you are required to report separated plan participants who have deferred vested benefits on Internal Revenue Service (IRS)

How to fill out understanding irs form 8955-ssa

How to fill out understanding IRS form 8955-SSA?

1. Begin by gathering all the necessary information and documents. This may include the plan sponsor's name and address, plan number, plan year, and participant information such as social security numbers, names, and dates of birth.
2. Next, download a copy of the IRS form 8955-SSA from the official IRS website or obtain it from your tax professional. Familiarize yourself with the form and instructions to ensure you understand the requirements and how to correctly fill it out.
3. Start by completing the top part of the form, providing the plan sponsor's information, including their name, address, and employer identification number (EIN). Enter the plan number and plan year as well.
4. Proceed to Part I of the form, which is the "Annual Registration Information" section. Here, you will need to provide details about the plan's participants, including their social security numbers, names, and dates of birth. Ensure the information is accurate and up-to-date.
5. Part II of the form is optional but may be necessary if there were transactions or events that need to be reported. If applicable, complete this section carefully, following the instructions provided.
6. Once you have completed all the necessary sections of the form, review it thoroughly to make sure all the information is accurate and there are no errors. Double-check names, social security numbers, and other details before submitting it.
7. Make a copy of the completed form for your records and submit the original to the IRS according to their instructions. Be aware of any deadlines for submission to avoid penalties or late filing fees.

Who needs understanding IRS form 8955-SSA?

1. Employers who sponsor retirement plans subject to the Employee Retirement Income Security Act (ERISA) need to understand IRS form 8955-SSA. This form is used to report information about separated plan participants who have deferred vested benefits under a retirement plan.
2. Plan administrators, including both businesses and third-party administrators, are typically responsible for filling out and submitting form 8955-SSA. It is crucial for them to understand the form's requirements and adhere to IRS guidelines to ensure accurate reporting.
3. Individuals who have separated from a retirement plan and have deferred vested benefits may also have an interest in understanding IRS form 8955-SSA. While not directly involved in the form's completion, they may need to provide accurate information to the plan sponsor or administrator to ensure their benefits are correctly reported.

In conclusion, understanding IRS form 8955-SSA is essential for employers, plan administrators, and individuals involved with retirement plans subject to ERISA. By following the step-by-step instructions and ensuring accurate reporting, one can successfully fill out and submit the form to the IRS.

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What is understanding irs form 8955-ssa?

IRS Form 8955-SSA is used to report information about participants who separated from service during the plan year with deferred vested benefits.

Who is required to file understanding irs form 8955-ssa?

Plan administrators of retirement plans, pension plans, profit-sharing plans, and other similar plans are required to file Form 8955-SSA.

How to fill out understanding irs form 8955-ssa?

Form 8955-SSA must include participant names, Social Security numbers, addresses, dates of birth, and the amount of deferred vested benefits.

What is the purpose of understanding irs form 8955-ssa?

The purpose of Form 8955-SSA is to help the IRS track retirement plan participants who have separated from service.

What information must be reported on understanding irs form 8955-ssa?

Information such as participant names, Social Security numbers, addresses, dates of birth, and the amount of deferred vested benefits must be reported on Form 8955-SSA.