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Chicago Illinois Form 5500-EZ: What You Should Know

Employees have other retirement accounts that are not considered IRAs, and you do not report the aggregate amount of benefits for each  plan on your income tax return, your employees (and their spouses) may be subject to special tax treatment. This includes  prohibiting a reduction in the amount of the plan's contributions if an employee is the owner of the plan but would  have to make additional contributions to increase the overall plan's required minimum distribution amount. The purpose of  this form is to help you assess the potential tax treatment of the contributions under the following circumstances:  Internal Revenue Service (IRS) Form 5500-EZ — United States If you are not sure of the status of a benefit, you should report the amount of the benefits of the plan as  Employees Have Other Retirement Accounts Not Qualify as IRAs If your employees contribute money to a retirement savings account (RSA) other than an IRA, your employee must Notify the IRS that they have a retirement plan— IRS If you know you do not have an IRA, the IRS has provided information about retirement distributions and 401(k)s:  Additional Information on IRAs and 401(k)s (United States) The Federal government requires employees to make a tax-favored contribution for each year of service to a  Tax-Exempt Deferred Compensation Plan (TCP) or nonqualified defined contribution plan (norm) in  accordance with the regulations Internal Revenue Service (IRS) The information on this page covers all retirement plans managed by  Fidelity Investments. Categories of Plans What are 401(k)s?  What is an IRA? What is a Roth IRA? Who is required to contribute to a retirement plan?  How is a plan set up to receive funds?  How does a plan fund grow and mature?   How do I access the plan's benefits?  What if I need more information on which benefits I would receive?  What happens if my employee(s) leave?  What if my plan is no longer in operation?  What if my employee does not plan to retire for five or more years, when they turn 55?  IRA distributions are not taxable. This is sometimes confusing, because it may appear that you would be  required to pay tax on the distribution.

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