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Form 5500-EZ Minneapolis Minnesota: What You Should Know

Upkeep is a one-step tool in the form of an amended return. The annual Form 5500-EZ amend- filing is not required if: The company provides at least one employee with a 401(k) plan; If a company does not provide a 401(k) plan to one or more of its full-time employees, it must still file a Form 5500-EZ. However, it is required if an employer offers a 401(k) plan at least 50% of which is funded by employees. If a company, or an investment manager, issues a retirement account (defined contribution) to a non-employee stockholder or to a trust or other business entity, it must file a Form 5498-EZ. The IRS requires that these returns be amended, or the trust or business entity and company must pay a 2,500 penalty. An individual stockholder holding an entire class of stock must file a Form 5500-EZ as well as a Form 8958 (Form 8938 not required if an individual stockholder holds an entire class of stock) If a non-small employer provides a 401(k) plan to its workers, it must file a Form 5500-EZ if at least one employee is under age 25, and if at least 50% of the employee's account is invested in its company. An individual under age 25 must file a Form 5500-EZ with the IRS, if at least 50% of the individual's 401(k) savings plan is invested in the employer. The only exception is if the employee and employer jointly elect to take any of the following tax deductions under Internal Revenue Code section 401(k), section 408(d): a matching contribution by the employer The employee can elect whether to report his or her net investment return on the tax return. If he or she does not, then the return must disclose how the individual made its contributions and the sum of his or her contributions. However, if you do elect to report the net investment return at the end of the year, then only the amounts included in net investment income will be subject to the income tax. Also, the IRS will not charge the return, unless there is more than 200,000 in contributions received by the employer that exceed what can be deducted from income for the year. The IRS will charge a return if contributions are not made to satisfy the employer's matching contributions.

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