Form 5500 FAQs
Form 5500-EZ — As in past years, "one-participant plan" administrators may continue to use the Form 5500-EZ to satisfy certain annual reporting and filing obligations. A one-participant plan is generally a business owner (or an owner and his/her spouse, if they are the only participants) or a plan for a business partnership (where the partners and/or their spouses are the only participants). Administrators must file this paper form with the IRS.
You do not have to file a Form 5500-EZ (or Form 5500-SF) for a plan year (other than the final plan year), if you meet the conditions for filing Form 5500-EZ (or Form 5500-SF) and you have one or more one-participant plans that separately or together had total assets of $250,000 or less at the end of that plan year. Please refer to the IRS Instructions for Form 5500-EZ or Instructions for Form 5500-SF for details.
Form 5500-SF — Most small business retirement plans with fewer than 100 participants may complete and file Form 5500-SF electronically. However, only one-participant plan administrators may choose to complete the paper Form 5500-EZ.
Form 5500 — Form 5500 must be completed by plans with 100 or more participants. It may only be completed and filed electronically. For more information on completing Form 5500, consult the Instructions for Form 5500 and/or your tax advisor.
Other filing details:
Employer Identification Number: To file a Form 5500-EZ with the IRS or a Form 5500-SF with the Department of Labor (DOL), Employee Benefits Security Administration (EBSA), you will need an Employer (Tax) Identification Number (EIN). If you do not have an EIN you may:
Forms 5500 and 5500-SF must be filed electronically with the EBSA, not the IRS or National Financial Services LLC (NFS), see the respective Instructions for details. A DOL/EBSA EFAST help line is available at 1-866-GO EFAST (866-463-3278).
Form 5500-EZ must be filed on paper with the IRS using the following mailing address: Department of the Treasury, Internal Revenue Service Center, Ogden, UT 84201-0020. You may want to mail your 5500 filing by certified or overnight mail for proof of mailing. Refer to the IRS list of approved certified or overnight mail providers in the instructions.
Forms 5500 must generally be filed by the last day of the seventh month following the end of the plan year, unless an extension has been granted. For calendar year plans, since July 31 is a Sunday, the deadline is August 1, 2011 (the next business day).
To obtain a two-and-one-half-month extension, eligible filers may file Form 5558 with the IRS before the due date of their Form 5500. Plans eligible to file Form 5500-EZ are automatically granted an extension for filing Form 5500-EZ until the extended due date of the employer's federal income tax return, provided certain conditions are met. Please refer to the IRS Instructions for Form 5500-EZ for details.
Yes, unless you are eligible to file Form 5500-EZ and the combined assets of all plans were $250,000 or less at the end of the plan year. If however, you have more than $250,000 in plan assets, a separate Form 5500-SF or Form 5500-EZ should be filed for each plan.
As you prepare your Form 5500 tax filing, it's a good time for an annual checkup of your administrative responsibilities and retirement plan needs.
General plan administrator responsibilities
- Within 120 days of adopting or amending a plan, give each participant a Summary Plan Description. Retain copies of the plan documents and any plan amendments.
- Enroll eligible employees
- Monitor plan eligibility requirements to know when your employees are eligible to participate
- If you have employees participating in your plan, the employer is generally required to be bonded. You should speak with your tax advisor or legal counsel to determine your bonding requirement. Employees who become eligible to participate must be provided a Summary Plan Description within 90 days.
- Reminder: A Self-Employed 401(k) plan is available to self-employed individuals or business owners with no employees other than a spouse.
- File IRS/DOL 5500 series forms (if required)
- Distribute Summary Annual Report: Distribute to participants and any beneficiaries receiving benefits within nine months of the close of the plan year.
- Contribute to the plan: Calculate and allocate contributions by the contribution deadline(s).
- Review distribution requests: As needed, review distribution requests, including spousal consent requirements, and instruct NFS accordingly.
The list of plan sponsor responsibilities is not intended to be complete, but is offered as a guide. As always, you are strongly encouraged to discuss and review your plan administrator responsibilities and/or any changes to your retirement plan with your tax and legal advisor.
Once it is available, order Form 5500-EZ online or contact the IRS at 1-800-TAX-FORM. Forms 5500-SF and 5500 are available and must be completed at the DOL EFAST2 web site.
Yes. If you terminated your plan during 2010, a final Form 5500 is due after all assets under the plan have been distributed, even if you were never required to file before.
Either method is acceptable, but you should be consistent from year to year. Your Annual Valuation Statement reports your plan's assets on a cash basis rather than an accrual basis. Consult your tax advisor.
A deceased participant's assets must be reported as an asset of the plan until those assets are distributed from the plan to a beneficiary.
For a plan year (other than the final plan year) that begins on or after January 1, 2007, if you meet the conditions for filing Form 5500-EZ or Form 5500-SF, and you have one or more one-participant plans that had total assets of $250,000 or less at the end of that plan year, you no longer need to file. Please refer to the Instructions for Form 5500-EZ or Instructions for Form 5500-SF for more information.
Please consult the Form 5500-EZ and Form 5500-SF Instructions for more details. Other forms may include:
- Form 8955-SSA, Annual Registration Statement Identifying Separated Participants With Deferred Vested Benefits (formerly Schedule SSA (Form 5500) — Do not file with Form 5500-SF. File the statement separately with the IRS.
- Schedule SB for single employer defined benefit plans
- Schedule MB for multiemployer defined benefit plans or for certain money purchase plans amortizing a funding waiver
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Who should file Forms 5500-EZ, 5500-SF, or 5500, and which forms should I file?