Get the free Form 5500-EZ - irs

This document provides detailed instructions for completing Form 5500-EZ, which is used to report the annual return for one-participant retirement plans, including eligibility criteria, filing requirements,

How to fill out form 5500-ez - irs

How to fill out Form 5500-EZ

1. Gather necessary information: Collect relevant information about the retirement plan, including the plan name, sponsor information, and number of participants.
2. Obtain the form: Download Form 5500-EZ from the IRS website or acquire a hard copy from a tax professional.
3. Fill out Part I: Enter basic identification information about the plan, including the name, number, and type of plan.
4. Complete Part II: Provide financial information about the plan, including total assets, liabilities, and net worth.
5. Provide additional information: Include details about any investments, changes in benefits or funding, and any other relevant disclosures.
6. Review the form: Make sure all the information is accurate and complete to avoid potential penalties.
7. Sign and date the form: The plan administrator must sign and date the form to certify the accuracy of the information.
8. Submit the form: Mail the completed Form 5500-EZ to the appropriate IRS address based on the plan's location.

Who needs Form 5500-EZ?

1. Form 5500-EZ is required for one-participant retirement plans and certain foreign plans, primarily used by self-employed individuals or owners of a business with no employees.

People Also Ask about

Who is required to file a 5500 form?

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).

Who has to file the IRS form 5500?

The employer maintaining the plan or the plan administrator of a Pension or Welfare benefit plan covered by ERISA. File Form 5500 to report information on the qualification of the plan, its financial condition, investments and the operations of the plan.

What happens if you don't file form 5500?

Late filers of Form 5500 can be penalized twice—by the IRS and the DOL. The IRS penalties for a late filing without notice or a qualified extension are $250 per day, up to a maximum of $150,000. If that weren't enough, the DOL civil penalties would be up to $2,586 per day with no maximum.

Where do I send my IRS form 5500-EZ?

The Form 5500-EZ must be filed via mail. It should be filled out and mailed to: Department of the Treasury Internal Revenue Service Ogden, UT 84201-0020 Online Filing Now Available Through IRS EFAST2 System As of January 1, 2021 you can use the EFAST2 filing system to file IRS form 5500 series online.

What is the 5500-EZ form?

Form 5500-EZ is used by one-participant plans and certain foreign plans that are not subject to the requirements of section 104(a) of the Employee Retirement Income Security Act of 1974 (ERISA) to satisfy certain annual reporting and filing obligations imposed by section 6058(a) of the Internal Revenue Code.

What is the penalty for not filing form 5500-EZ?

The plan administrator or employer (owner) must sign and date paper Form 5500-EZ for the 2021 filing. Section 6652(e) imposes a penalty of $250 a day (up to a maximum penalty of $150,000 per plan year) for not filing returns in connection with pension, profit-sharing, etc., plans by the required due date.

Who counts as a participant for 5500?

Active participants (i.e., any individuals who are currently in employment covered by the plan and who are earning or retaining credited service under the plan). This includes any individuals who are eligible to elect to have the employer make payments under a Code section 401(k) qualified cash or deferred arrangement.

Who is exempt from filing form 5500 pdf?

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.

For pdfFiller’s FAQs

What is Form 5500-EZ?

Form 5500-EZ is a federal form used to report information about one-participant retirement plans and certain foreign retirement plans. It is filed with the Department of Labor (DOL) and the Internal Revenue Service (IRS) to comply with the Employee Retirement Income Security Act (ERISA).

Who is required to file Form 5500-EZ?

The Form 5500-EZ must be filed by one-participant plans, such as a solo 401(k) or a pension plan, where there are no employees other than the owner or their spouse. Additionally, it may also be required for foreign plans that cover U.S. citizens or residents.

How to fill out Form 5500-EZ?

To fill out Form 5500-EZ, a plan owner must provide information such as the plan name, plan number, employer identification number (EIN), and details regarding plan provisions and financial information. It is available through the IRS website and can be filled out electronically or in paper format.

What is the purpose of Form 5500-EZ?

The purpose of Form 5500-EZ is to provide important information about a retirement plan's financial condition, investments, and operations to ensure compliance with federal regulations and to protect the rights of participants.

What information must be reported on Form 5500-EZ?

Form 5500-EZ requires reporting of various information, including plan identification information, number of participants, financial statements, and details about assets held in the plan as of the plan year end.