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Form 5500-EZ Minnesota: What You Should Know

If you are filing the Form 5500-C to amend the 401(k) plan,  This blog is the resource in 2023 for people who want to know about the AFR (Annual Return Filing) of a Self-Manager Retirement Plan.  The AFR of the ARA (American Retirement Asset Trust) has been retired. The ARA was a 401(k) plan for the Self-Investing Individual that required the filing of a 1099, Form 1099-R and Form 5500-C.  It was discontinued in 2011.  How Does ARA Work?  The ARA is a retirement plan that was created in 1993. We discuss the details in the article ARA is no Longer Active. It was only available for self-employed individuals who qualified for an exemption under Section 401(k).  To view the article click here. The ARA provides benefits in the form of a pension.  However, the ARA also provided contributions to retirement plans that could be withdrawn or invested in.  The ARA had tax-deferred retirement benefits. The amount you contributed to your ARA was deductible.  If you made a contribution to a non-qualified plan, you were not treated as contributing to the qualified Retirement Plan.  Here's an example of the rules. The employer made contributions to the 401(k) plan and the ARA received money from the employer. The ARA then paid the contributions to the employer, to its employees and to other ARA participants.  On October 15th, 2023 the Internal Revenue Service changed the way it paid the contributions to plans. The rules changed to only pay the contributions that were in a distribution in the calendar year of the Form 5500-C. All other contributions remained taxable in 2017.

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