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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 ‚ÄĒ 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‚ÄĒ 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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