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Form 5500-EZ Everett Washington: What You Should Know

For large plans, an extension of time to filing the Form 5500 is available. This extension is available only with proper coordination with the Division. A written request must be made and received by the Director no later than July 14 of the year for which the extension is requested. The request must show that coordination was not completed by any later date in the Form 5500. The request must also be accompanied by all supporting documentation and must include a written explanation of why the failure to submit to the Division in the time specified in this paragraph (11) was intentional. 1. Why do we have to report the account balances that are less than 10 times the annual benefit or deposit amount? The minimum account balance for filing a late Form 5500 is the amount of plan assets (contributions and/or benefits) used to satisfy any claims for benefit, including accrued benefits, interest and penalties. 2. What has to be reported in relation to the plan's liability for the payment of benefits or to the accruals of benefits in the plan? Under most state and federal law, the payment that was scheduled for the year must be made by the year in which it is scheduled to be made, but that does not apply for Social Security retirement benefits. For any Social Security payment that is scheduled to be made on or after January 1 of the plan year, except for annual and special payments, it must be made at least three months prior to the start of the plan year. In most cases, the amount of any payment of benefits or accrued benefits that was scheduled to be made in the following year, must also be reported in the annual report. For certain payments, a late Form 5500 report for a year for which the payment is due to be made by the year of the scheduled date of payment can be filed on Form 5500 as a penalty if that amount included any returnable portion of an annuity. For these payments (see question 10 at Form 5500 section A for examples), if the date of the plan year is not earlier than the date on which the plan year starts on each payment, the amount of the report must be reduced by the amount of the postponed payment. 3. Why do we have to make a financial statement if the financial statements for previous years were made? In order to be a valid report filed electronically with the Division, only one annual financial statement must be filed for a Social Security benefit plan.

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