Who is required to file form 5500 Schedule A?

Who is required to file form 5500 Schedule A?

In general, all retirement plans, such as profit-sharing and 401(k) plans, must file a Form 5500 for every year the plan holds assets. Which version of Form 5500 you complete will depend on the size of your business and the structure of your retirement plan.

Do I need to file IRS form 5500?

A filer must file the Form 5500-EZ electronically using the EFAST2 Filing System instead of filing a paper Form 5500-EZ with the IRS if the filer is required to file at least 250 returns of any type with the IRS, including information returns (for example, Forms W-2 and Forms 1099), income tax returns, employment tax …

What is a Schedule A for taxes?

Schedule A is required in any year you choose to itemize your deductions. The schedule has seven categories of expenses: medical and dental expenses, taxes, interest, gifts to charity, casualty and theft losses, job expenses and certain miscellaneous expenses.

Do non ERISA plans file 5500?

A non-ERISA plan is not subject to annual 5500 reporting. A non-ERISA plan with over 100 participants does not require an annual audit. A non-ERISA plan is not subject to the strict ERISA fiduciary standards, but it is subject to state law and other standards.

What is a form 5500 used for?

Form 5500-SF is used for the annual filing of plans that contain between one and 100 plan participants. This type of Form 5500 is much smaller and places significantly fewer reporting responsibilities on employers for filing their reports.

Who is considered an active participant in a 401k plan?

If your plan is a 401(k) plan, active participants include those individuals who are employed at any time during the year in question and are eligible to participate in the plan even if they elect not to make contributions to the plan. Do not include participants who terminated employment in prior years.

Does a solo K file a 5500?

Those Solo 401(k) Plans, in which combined value of assets is over $250,000, the administrator of the plan is required to file Form 5500 EZ with the IRS and to be filed by July 31st. The Form does not have to be e-filed and can be filed manually with the IRS. IRS Form 5500 EZ is easy to complete.

What is not deductible on schedule A?

Some taxes and fees you can’t deduct on Schedule A include federal income taxes, social security taxes, transfer taxes (or stamp taxes) on the sale of property, homeowner’s association fees, estate and inheritance taxes, and service charges for water, sewer, or trash collection.

How do you know if a plan is ERISA or non-ERISA?

An ERISA plan is one you will contribute to as an employer, matching participants’ inputs. ERISA plans must follow the rules of the Employee Retirement Income Security Act, from which the plan earned its name. Non-ERISA plans do not involve employer contributions and do not need to follow the stipulations of the Act.

What types of plans are not subject to ERISA?

403(b) plans sponsored by church plans and governmental plans are exempt from ERISA, but may elect ERISA coverage if they want it. Such plans are commonly referred to as Non-ERISA plans.

Who receives the form 5500?

The IRS, Department of Labor, and Pension Benefit Guaranty Corporation developed the Form 5500-series returns for employee benefit plans to satisfy annual reporting requirements under ERISA and the Internal Revenue Code.

What is an active participant 5500?

An active participant – currently in covered employment – in your retirement plan. This includes people who are eligible to defer benefits but decline the option. Former employees in “pay” status (i.e., not yet fully paid out), including those who elect COBRA coverage.

Do I have to file form 5500 for a Solo 401k?

Form 5500-EZ is the filing requirement for Solo 401k plans with $250,000 or more in plan assets. It is simply an informational return that is filed with the IRS. Solo 401k plans with assets totaling less than $250,000 have no filing requirement at all.