Annually, on the last day of the 7th month after the plan year ends (July 31 for a calendar-year plan). It is critical to both complete Form 5558 and mark the box on Form 5500 indicating you are filing with an extension, should you choose to do so. Filing past the final deadline requires employers to satisfy the DOL’s Delinquent Filer Voluntary Compliance (DFVC) program, which involves marking that you are delinquent and sending additional paperwork to the IRS. It may also be the opinion of your tax advisor that the following codes are applicable to your Solo 401k depending on your use of the plan: 2R – participant-directed brokerage accounts 2S – plan provides for automatic enrollment in plan that has employee contributions deducted from payroll. According to nonprofit AARP, if a 401k plan provider skims a 1% fee from the employee's 401k retirement savings, the 401k drops in value to $360,000 --- a 40% loss! Evan is on a mission to use the power of storytelling to change the world for the better. Your chances of being noticed by the DOL may increase significantly, however, if you do miss that final deadline. In other words, the 5500-EZ form is used to report your Solo 401k annual holdings. Find your signed copy of the return and determine if you filed it timely. The plan administrator has the responsibility for ensuring that the return is filed timely. Filing must be done electronically through EFAST2 or EFAST2 vendor-approved software. If none of these situations apply to you, do not check any boxes. If you’re on a calendar plan year, that’s September 30th.

Evan Ross 11 min read. If this happens, line 4 of the first section of the Form 5500 must be filled out in order to indicate the reason for a change. DOL maintains a Delinquent Filer Voluntary Correction Program (DFVC) that is available to plans that are subject to Title 1 of ERISA.
well, the instructions for the 5500 says (sched H): Line 2f. 401k Administration Form 5500 Instructions: 5 Steps to Filing Correctly. The beginning-of-year asset value should be the exact same number as the end-of-year asset value indicated in your previous filing. The Complete 401(k) Audit Guide for Employers, Common 401(k) Plan Administrative Mistakes, Placeholder for menu system (Don't delete), Placeholder for menu system (Don't delete)*, How to Avoid Common 401(k) Administration Issues, https://www.dol.gov/agencies/ebsa/employers-and-advisers/plan-administration-and-compliance/reporting-and-filing/form-5500, https://www.irs.gov/retirement-plans/irs-penalty-relief-for-dol-dfvc-filers-of-late-annual-reports, Go to the EFAST2 website (https://www.efast.dol.gov/welcome.html) and click “Register” on the left hand side under the Main section. How to file the 401k Form 5500 for your business 401k with these form 5500 instructions by the 5500 due date.

Keep these red flags in mind as you prepare to file the Form 5500 to keep your report consistent with generally accepted best practices. Log in to the EFAST2 website (https://www.efast.dol.gov/welcome.html).

The IRS penalty for late filing of a 5500-series return is $25 per day, up to a maximum of $15,000. Or you’re just looking for a quick refresher to help you properly. You can also read our Solo 401k 5500-EZ Frequently Asked Questions here.

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