Self-Directed Solo 401k FAQ – Is a separate Form 5500 EZ filed for each Solo 401k participant?
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Solo 401k FAQ: Is Form 5500-EZ per owner and then another per employed spouse or single for the 401(k) trust?
RESPONSE:
Only one Form 5500-EZ is filed per Solo 401k plan even if more than one person is participating in the Solo 401k plan.
For example, if two spouses work in the same business with no non-owner/non-spouse full-time w-2 employees, they may set up a Solo 401k plan and each participant in the plan. While separate accounts will be needed for each spouse who participates in the plan, there will be just one plan. Once the total value of the plan assets (including the total value of the cash and investments in the accounts for both spouses) exceeds $250,000 a Form 5500-EZ will need to be filed. We handle the preparation and submission the Form 5500-EZ through the electronic filing system as part of our service for no additional charge.
