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Form 5500-EZ Birmingham Alabama: What You Should Know

When Do I need to file a Form 5500? [Explanation] The filing date is required to be December 31 of the year you  first became a participant in the plan and each year thereafter until the end of the plan year to which Form 5500 is applicable. Form 5500 — Notice of Annual Fee & Annual Report. Filing is required during the year by January 31 of the year you become a participant in the plan, unless a  special filing deadline is stated, in which case, the deadline for filing is the latter of the  applicable deadline or the last day of October of the preceding year. You must file before the last day  of each succeeding calendar year, except on the last day of the calendar year to which a Form 5500 relates. The Form 5500 includes the basic information (plan information) needed to determine whether your  plan is a qualified plan and the amount you need to contribute each year. Annually report and pay the IRS required self-employment tax to cover the benefits you  will receive from the plan for the calendar year and the calendar year after that; all required plan  contributions must have been made by the end of February if your plan is a qualified plan;  exceeds 400 or 10% of your adjusted gross income if your plan is not a qualified plan. There is a limit to how much you can take home each year. You can always get your benefit back  as a tax credit by filing a Form 1040X, which is a return for the same year and reporting the plan  interest each year. You pay self-employment taxes, but it might be more tax efficient to contribute a higher amount in the  year to which the Form 5500 relates than to contribute your additional amount to the next year. Form 5500 — Annual Return Identification Information for Participants. If you are participating in a plan that requires you to file an annual tax return, you need  to file the Form 5500 at the same time and in accordance with the general instructions for the  forms. This is because if you file the Form 5500 on different days, you need to file it similarly within the calendar year in which you were a participant in the plan.

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