5500 EZ

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Topic Author
808surfboy
Posts: 22
Joined: Fri Oct 31, 2014 2:45 am

5500 EZ

Post by 808surfboy »

I closed my Solo 401k last week at Vanguard and rolled it into my Vanguard IRA. The plan had slightly less than 250K in assets but still requires IRS form 5500 to be filed. When should I file the 5500 EZ ?
Oregon Beancounter
Posts: 27
Joined: Wed May 16, 2018 5:35 pm

Re: 5500 EZ

Post by Oregon Beancounter »

First place I would look is the final year filing requirements in the instructions for Form 5500 EZ available at irs.gov.
TIAX
Posts: 1434
Joined: Sat Jan 11, 2014 11:19 am

Re: 5500 EZ

Post by TIAX »

808surfboy wrote: Mon Jun 14, 2021 11:19 pm I closed my Solo 401k last week at Vanguard and rolled it into my Vanguard IRA. The plan had slightly less than 250K in assets but still requires IRS form 5500 to be filed. When should I file the 5500 EZ ?
All done with backdoor Roths?
Topic Author
808surfboy
Posts: 22
Joined: Fri Oct 31, 2014 2:45 am

Re: 5500 EZ

Post by 808surfboy »

Did not do backdoor Roth. No plan to do so.
BlueFin
Posts: 46
Joined: Mon Mar 19, 2012 10:36 am

Re: 5500 EZ

Post by BlueFin »

I believe that you will have to file a "final" form 5500 EZ for 2021 but you'll probably have to wait for the forms to be available after the end of 2021.
BogleTaxPro
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Joined: Sat Apr 04, 2020 6:08 pm

Re: 5500 EZ

Post by BogleTaxPro »

See the IRS website for complete details: https://www.irs.gov/retirement-plans/form-5500-corner

Briefly: You do *not* have to wait for the 2021 forms. You can use the 2020 form and simply enter the fiscal year dates (including the short plan year end date) at the top. You have until 7 months after the plan termination (final distribution of assets) to file the form.
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BolderBoy
Posts: 6755
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Location: Colorado

Re: 5500 EZ

Post by BolderBoy »

BogleTaxPro wrote: Tue Jun 15, 2021 10:01 am See the IRS website for complete details: https://www.irs.gov/retirement-plans/form-5500-corner

Briefly: You do *not* have to wait for the 2021 forms. You can use the 2020 form and simply enter the fiscal year dates (including the short plan year end date) at the top. You have until 7 months after the plan termination (final distribution of assets) to file the form.
This is the answer. You'll be checking two boxes - short plan year and final report.
"Never underestimate one's capacity to overestimate one's abilities" - The Dunning-Kruger Effect
AlmstRtrd
Posts: 267
Joined: Fri Dec 08, 2017 3:57 pm

Re: 5500 EZ

Post by AlmstRtrd »

I also recently terminated both my Solo 401(k) & Solo 401(k) Roth with TDA and rolled both accounts over to Fidelity (to tIRA & Roth, respectively). I am also preparing to file forms 5500EZ (one for each type of account).

Am I correct that TDA will issue me a 1099R for each account in early 2022? And that I will include those forms in my tax return for 2021?
HomeStretch
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Joined: Thu Dec 27, 2018 2:06 pm

Re: 5500 EZ

Post by HomeStretch »

AlmstRtrd wrote: Tue Jun 15, 2021 1:29 pm I also recently terminated both my Solo 401(k) & Solo 401(k) Roth with TDA and rolled both accounts over to Fidelity (to tIRA & Roth, respectively). I am also preparing to file forms 5500EZ (one for each type of account).

Am I correct that TDA will issue me a 1099R for each account in early 2022? And that I will include those forms in my tax return for 2021?
You had one Solo 401k plan with two sub-accounts (Roth and Traditional). A Form 5500 is usually filed for a plan, not an account. Are you sure you are required to file two Form 5500-EZ rather than one?
AlmstRtrd
Posts: 267
Joined: Fri Dec 08, 2017 3:57 pm

Re: 5500 EZ

Post by AlmstRtrd »

HomeStretch wrote: Tue Jun 15, 2021 2:22 pm
AlmstRtrd wrote: Tue Jun 15, 2021 1:29 pm I also recently terminated both my Solo 401(k) & Solo 401(k) Roth with TDA and rolled both accounts over to Fidelity (to tIRA & Roth, respectively). I am also preparing to file forms 5500EZ (one for each type of account).

Am I correct that TDA will issue me a 1099R for each account in early 2022? And that I will include those forms in my tax return for 2021?
You had one Solo 401k plan with two sub-accounts (Roth and Traditional). A Form 5500 is usually filed for a plan, not an account. Are you sure you are required to file two Form 5500-EZ rather than one?
No, I am not sure. I would love to know the answer though! Like most folks, I am just doing this once so I have not had any experience filing the form(s) yet.
Topic Author
808surfboy
Posts: 22
Joined: Fri Oct 31, 2014 2:45 am

Re: 5500 EZ

Post by 808surfboy »

Thanks everyone!
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