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Cincinnati Ohio Form 5500-EZ: What You Should Know

The following instructions are provided for those who are required to file a Form 730-B in order to meet the deadline of July 31, 2017. For Solo 401(k) Plans the filing should be done through the U.S. Department of Labor.  Employee Benefits Security Administration, Solo 401(k) Plan Filing Tips June 13, 2023 — For Solo 401(k) Plans under 250,000 (or 100,000 for FICA taxes), the filing deadline is July 31, 2017. “You should file Form 720, because the Form 720 is filed by paper to the IRS Service Center in  Cincinnati, Ohio. If you expect to own an eligible plan and do not file a Form 720, you have 90 days after the last day of the year to notify the IRS Service Center and file the Form 720.” — For Qualifying Traditional IRA Plans, the filing deadline is March 31. As a refresher, Solo 401(k) planning begins with the original design of the plan, the name of the plan, and a set of investment factors selected by the plan, which determine the total assets and the maximum annual contribution limit. A “master plan” is established as a reference for determining the assets contributed by each employee as well as the plan parameters. Each participant then takes his or her contributions and investments in the plan and then files the Form 5500, along with all relevant supporting documentation, which must be made available to the individual(s) he or she was obligated to pay benefits to in order for the plan to be a “qualified plan” and for the plan to be considered an “employee benefit” under section 401(k) of the Internal Revenue Code. Form 5500 is not required for FICA tax on contributions made by all participants in a retirement plans or annuity contracts, including 401(k) plans. Individuals are responsible for reporting any significant plan changes they are aware of that would likely affect their retirement spending within a reasonable period of time after the changes are made. This means that an individual should be aware of any plan changes between their prior return and the beginning of his or her first year of retirement under the plan.

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