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Rochester New York Form 5500-EZ: What You Should Know

For a list of questions, see this article. The only way to avoid the Form 5500-EZ is to have a separate IRA for each participant, although that isn't the norm. This article does not cover whether one-participant plans are required to file a tax return. In general, yes; however, a filing exemption can be waived if you file Form 5500-W, Form 5500-R (which is essentially the same as Form 5500-EZ; see below) or Form 5500. If you have other employees, you also should include those employees as part of the total plan assets. If you are self-employed and no one working under you has the necessary assets, you are exempt from filing because you had no employees by the beginning of the tax year you filed. If you do work, you either must file Form 5500 or Form 5500EZ, depending on your circumstances. Form 5500 is a separate return from Form 1040. This article discusses the annual returns for both a one-participant and a one-owner retirement plan. You must file both if you are a single, single head of household, or if you have a spouse. Form 5500-SF, Short Form Annual Return/Report of Small Employee Benefit Plan, is a short form used to file Form 5500, but it is important to read it as a complete return with its own instructions. Form 5500 for IRA owners and their spouses must be filed annually. In order to avoid penalties, you should consider this for a small plan with less than 1,000,000 in assets or assets less than 250,000. Form 5500-FA, Filings of Small-Sized Return of Plan Assets, includes returns from smaller plans that are not separately filed. Form 5500-FA is used for individual-itemized returns from small plans that do not require separate Form 1040 filers. For more information, see below. Form 5500-EZ is required on an annual basis only if your plan has one owner and one participant.  For two-person plans, it is optional if both owners are spouses to file Form 5500.

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