IRS Form 5500 EZ Instructions

Form 5500 EZ Instructions

Form 5500 EZ Instructions

IRS Form 5500-EZ for Solo 401k Plans must be filed with the IRS by July 31.  These IRS Form 5500 EZ Instructions are designed to aid you completing this form.

What is a Form 5500EZ?

The Form 5500EZ is used to report annual information about the Solo 401k plan to the IRS.

Who must file a Form 5500EZ?

First Instance: It must be filed only if the Solo 401k balance was over $250,000 (includes cash and non-liquid assets as well as Solo401k participant loans) as of  December 31 for the previous calendar year.

Second Instance: It must be filed if you closed your Solo 401k  anytime in the prior year even if the total value was under $250,000.

IMPORTANT: Form 5500EZ doesn’t have to be filed if there are no rank in file employees and the assets are under $250k; however, failure to file a 5500EZ also means the statute of limitations NEVER STARTS RUNNING on the plan. We recommend to file Form 5500EZ regardless of this allowable exclusion; starting the statute of limitations running is just a good idea.

What is the Filing Deadline?

Form 5500EZ must be postmarked by the end of the 7th month following the end of the plan year (usually July 30)

Online Form 5500-EZ

https://www.irs.gov/pub/irs-pdf/f5500ez.pdf

Who must sign Form 5500-EZ?

The Form 5500-EZ must be signed by the business owner/trustee.

Where is Form 5500-EZ filed?

It is recommended that the Form 5500-EZ be sent via registered mail or private delivery service. If there is any claim from the IRS that the filing was not made, there will be evidence that the return was timely filed and delivered to the processing center.

The Form 5500-EZ may be mailed to the following address:

Department of the Treasury
Internal Revenue Service
Ogden, UT 84201-0020

The Form 5500-EZ may be delivered by IRS-designated private delivery services to the following address:

Department of Treasury
Internal Revenue Service
1973 Rulon White Boulevard
Ogden, UT 84201-100

Form 5500 EZ Instructions:

Sense Financial clients: login to our Solo 401k Web Portal to view the instructions.