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Form 5500-EZ for New Jersey: What You Should Know
However, for one-participant plans with a total annual contribution limit of 250,000, a failure to do so will result in a failure in the filing of the tax return for 2023 (Form 1040). One-participant plans not eligible to file a Form 5500-EZ on paper: • To determine whether a plan is qualified or not, refer to Publication 590, Employer's Tax Guide, for its requirements. Some one-participant plans • • • not meet the requirements of the Internal Revenue Code or other regulations for a qualified plan, the plan may be unqualified. • • • • a qualified plan. In addition, one-participant plans may have tax advantages to their owners. • • The IRS has determined that an annual return for the taxable year should be submitted even if the plan fails to submit a return for either or both the taxable year and the succeeding taxable year. The plan, however, is not required to file a return for the preceding taxable year, the following taxable year, or each succeeding taxable year. You must still file your return using the Form 1040, even if your plan does not meet the tax filing requirements. For details, see Publication 590. When Form 5500-EZ is required to be filed, the Form 5500-EZ is filed on paper (not electronically.) See “Form 5500-EZ” in Publication 590, Employer's Tax Guide. Form 5500-EZ 2017 The following rules apply to a plan that contains an unlimited annual compensation under the plan. The amount of compensation a participating employer is required to pay, as stated in the plan, is in addition to the contribution to the plan by the employer, and does not include any employee contributions. The contribution to the plan by the employer may not exceed 3,500 per year. If a participant in the plan also receives an amount from the employer that exceeds 750, he or she is not treated as a participant of such plan if the amount, or both of them, are includible in gross income for the taxable year. This rule does not apply to amounts includible in gross income in the plan if the amount is allocated on a pro rata basis, to each participating employee in the plan. If your plan's contribution limit would amount to less than your maximum annual salary in 2023 (250,000), you may use the rules to figure if you could maintain a participation rate.
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