How to Fill Out IRS Form 945 for Solo 401k Distributions

What is Form 945?

This form is used to report the withheld 20% federal income tax payment that apply to taxable 401k distributions including distributions from self-employed plans such as a solo 401k plan.

When is Form 945 Due to the IRS?

For 2020, file Form 945 by January 31, 2021.

Where do I File/Mail Form 945?

Filing is based on your state of legal residence. See the following table which is also listed in the instructions of Form 945.

If you state of residence is one of the following states, then mail the form to:

Connecticut Delaware District of Columbia Florida Indiana Maine Maryland Massachusetts New Hampshire New Jersey New York North Carolina Ohio Pennsylvania Rhode Island South Carolina Vermont Virginia West Virginia

Department of the Treasury

Internal Revenue Service

Cincinnati, OH 45999-0042

If you state of residence is one of the following states, then mail the form to:

Georgia Illinois Kentucky Michigan Tennessee Wisconsin

Department of the Treasury

Internal Revenue Service

Kansas City, MO 64999-0058

If you state of residence is one of the following states, then mail the form to:

Alaska Arizona Arkansas California Colorado Hawaii Idaho Iowa Kansas Louisiana Minnesota Mississippi Missouri Montana Nebraska Nevada New Mexico North Dakota Oklahoma Oregon South Dakota Texas Utah Washington Wyoming

Department of the Treasury

Internal Revenue Service

Ogden, UT 84201-0042

Instructions for Filling Out Form 945

Download form by CLICKING HERE.

Name: Enter name of solo 401k plan

Employer Identification Number (EIN):  Enter the solo 401k EIN

Trad name, if any: Skip

Address: Enter your address

1. Federal income tax withheld from pensions, annuities, IRA, etc.: Enter the 20% amount that was required to be withheld for the solo 401k distribution amount (or the total of all amounts if there were multiple distributions whether from the same participant account or multiple participant accounts)

2. Backup withholding: enter zero.

3. Total taxes: Add lines 1 and 2. If total taxes are $2,500 or more, the amount reported on line 3 must equal the total liability for the year reported on line 7M of the Monthly Summary of Federal Tax Liability, or line M of Form 945-A.

4. Total deposits for 2019: Enter total of all taxes paid for all solo 401k distributions made in 2019 (including taxes paid by January 15, 2020 for distributions made in December 2019).

5. Balance due: generally enter “0,”but if line 3 is more than line 4 enter the difference in line 5.

6. Overpayment: if line 4 is more than line 3, enter the difference.

7. Monthly Summary of Federal Tax Liability: check off “monthly schedule depositors,” and enter the dollar amount that you paid in taxes in the applicable monthly box.

Lastly, sign, print name, and date the form.  Please keep a copy for your records.

SOLO 401(K)

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