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CO online Form 5500-EZ: What You Should Know

You cannot file Forms 5500-SF or 5500-EF unless you meet all the applicable requirements set forth in IRC § 401(k)(1). If you fail to do so, we will consider such failure to be willful, as discussed below. Solo 401k and Non-Solo 401k Solo 401k is not required to file a Form 5500-EZ if the total annual limit of contributions for 2023 was less than 5,500. However, if you receive compensation in any amount from any employer plan that does not satisfy the requirements set forth in Internal Revenue Code section 401(k), a tax deduction may be provided for the amount received. If you receive compensation in excess of the limit, the excess is subject to the 10% tax on elective deferral and excess elective deferrals. In contrast, the amount of compensation for non-Solo 401k plan may be not less than 50,000 (200,000 for a person age 50 or older). If you receive compensation in excess of this threshold, an excess exclusion is made for 5,000 and all elective deferral and excess elective deferrals are excluded. However, you may have no excess amount for the sole plan that you hold or a plan with a combined limit that is not less than the 50,000 (200,000 for a person age 50 or older) threshold (see section 535). For example, you are a sole employer holding a solo 401k plan, and you do not receive compensation in excess of the 50,000 (200,000 for a person age 50 or older) annual limits for solo 401k except for those employees not under Age 60 (for whom you do not have to report compensation from a personal service employer in your Solo 401k). If you do not have to report your compensation from a personal service employer in your Solo 401k, then no excess limitation would be required. You may be able to use your tax identification number to request a Form 5500-EF for the tax year 2018, but you need to file your Form 5500-EZ by the due date described in IRC Chapter 63, due September 15, 2018.

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