Solo 401k Form 5500 EZ Filing Requirements for Plan Year 2013

What is a Form 5500EZ?

The Form 5500EZ form 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 12/31/2013.

Second Instance: It must be filed if you closed your Solo 401k  anytime in 2013 even if the total value was under $250,000.

By when must the annual Form 5500EZ be filed?

Form 5500EZ must be postmarked by Wednesday, July 30, 2014, so please return copy by e-mail to MySolo401k  by July 15 if you choose to have MySolo401k prepare and file it on your behalf.

Can MySolo401k.Net prepare Form 5500EZ for me?

Yes. If you choose to have MySolo401k prepare and submit form to the IRS , you only need to fill out the following sections, and we will fill out the rest. Please be sure to sign and date the form and either e-mail it back to us at [email protected] or  by fax at 925-262-2070.

Here is link to Form 5500-EZ which can be filled out online.

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

Please fill out following sections, which are highlighted in ORANGE  below, of Form 5500-EZ and we will fill out the rest

Pat I – Annual Return Identification Information

First Return: Check box A(1) if this is the first filing for this plan. Or check box A(3) if this the final return being filed for the plan, which only applies if you have terminated your Solo 401k.

Part II – Basic Plan Information (Lines 1a-4c)

1a. enter the name of the solo 401k as listed on the plan’s adoption agreement which is part of the solo 401k plan documents.

1b. Enter the three-digit solo 401k plan number, which is usually 001(If you choose to have MySolo401k.Net complete the Form 5500-EZ, ignore this line).

1c. Enter the original effective date of the plan (If you choose to have MySolo401k.Net complete the Form 5500-EZ, ignore this line).

2a. Enter the name of the company (may be your name if business type is a sole proprietorship) that adopted the solo 401k plan.

2b. Enter the EIN of the employer. Do not use your social security number; instead, apply for an EIN via the following IRS link: http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Apply-for-an-Employer-Identification-Number-%28EIN%29-Online

2c. Enter the telephone number of the business that adopted the solo 401k plan, usually your phone number.

2d. Enter the six-digit business code that most matches the activity of your business that adopted the solo 401k plan. See pages 7-9 of the Instructions for Form 5500-EZ for a list of business codes).

3a. Enter your name since you are the listed trustee on the solo 401k plan document.

3b. Leave blank

3c. Enter your phone number

4a. Enter the name of your solo 401k plan

4b. Enter the EIN of the solo 401k as listed on the solo 401k adoption agreement

5a-5c. If the plan sponsor (employer) reported on line 2a, the EIN reported on line 2b, or plan number reported on line 1b has changed since the last annual Form 5500-EZ filing, enter the prior name (line 5a), EIN (line 5b), and plan number (line 5c). This update could result from a change in the name of the business.

6a-6b. Usually 1, or 2 (if more, contact you solo 401k provider)

Part III – Financial Information (Lines 7a-8c)

Note: Amounts reported on lines 7a, 7b, and 7c for the beginning of the plan year must be the same as reported for the end of the plan year on the return for the preceding plan year. Use whole dollars only.

7a. Enter the total plan assets at the beginning and end of the solo 401k plan year. Assets, among other things, consist of cash, receivables, investments in real estate, precious metals, notes, tax liens, private companies, stocks and bonds, solo 401k participant loans, etc. Do not include annual contributions designated for the 2013 solo 401k plan year in column (1). Enter the total amount of plan assets at the end of the plan year in column (2).

7b. Enter the total liabilities at the beginning and end of the solo 401k plan year. The amount if usually zero for a solo 401k plan.

7c. Subtract line 7b from line 7a and enter the net assets as of the beginning and end of the solo 401k plan year.

8a. Enter the total cash employer contributions made for the 2013 plan year even if you waited to make them by the 2014 tax return due date.

8b. Enter all cash employee contributions also known as salary deferrals for the 2013 plan year even if you waited to make them by the 2014 tax return due date.

8c. Include rollovers and transfers received from other plans and IRAs.

 

Part IV – Plan Characteristics (Line 9)

9. The Form 5500-EZ uses codes to pinpoint the characteristics of the solo 401k plan and sponsor. Since a solo 401k plan is a defined contribution plan, the codes begin with 2. Refer to the list codes on page 6 of the instructions.

Part V – Compliance and Funding Questions (lines 10-12)

10. If yes, enter the outstanding solo 401k loan amounts as of the end of the solo 401k plan year.

11. Check “No”

12 and 12a-12c leave blankz

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 filing 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

About Mark Nolan

Each day I speak with energetic entrepreneurs looking to take the plunge into a new venture and small business owners eager to take control of their retirement savings. I am passionate about helping others find their financial independence. Having worked for over 20 years with some of the top retirement account custodian and insurance companies I have a deep and extensive knowledge of the complexities of self-directed 401ks and IRAs as well as retirement plan regulations. Learn more about Mark Nolan and My Solo 401k Financial >>

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