This is a friendly reminder that the filing deadline for the 5500-EZ is July 31.

What is the Form 5500-EZ?

Form 5500-EZ is a two page report the IRS requires to be filed specifically for certain Solo 401k plans. 

Who files the Form 5500-EZ?

As the Trustee of your Solo 401k plan, it is your responsibility to file the 5500-EZ form, if your 401k is required to file the form.

Does my Solo 401k need to file a Form 5500-EZ?

The requirement to file this form is dependent on last year’s year-end value of your Solo 401k plan. Any Solo 401k that had a total asset value exceeding $250,000 at year’s end of 2023, is required to file the Form 5500-EZ by July 31, 2024. The $250,000 threshold applied to the total value of the 401k plan, so if you and your spouse both participate in the Solo 401k, the total value includes both your and your spouse’s monies within the plan.

Do you have a walkthrough of the form?

The Form 5500-EZ is only two pages and is fairly simple to complete. If you have a Solo 401k plane with Retirement Guardians they have a line-by-line walkthrough of the form on the website at https://www.retirementguardians.com/documentation/form-5500-ez/ to make things easier for those that choose to file the form themselves. You’ll find at that link a walkthrough of the form, as well as information on where to send the form. It should take you around 10-15 minutes to complete the 5500-EZ.

What will I need to complete the 5500-EZ?

You’ll need the basic information of your 401k plan, the figures for contributions you made in 2023, and if you’ve taken out a loan from your 401k, you’ll need the outstanding amount of the loan as of December 31, 2023. You can find the basic information of your 401k plan in your Adoption Agreement, specifically on page 1 which lists all the plan’s information.

Can I have someone else file this form for me?

Yes, you can certainly enlist the services of a CPA to file the 5500-EZ for your 401k plan. If you’d like a list of CPAs that work with Solo 401k plans, just return this email and we’ll be happy to send one over.

Can I file an extension for the Form 5500-EZ?

Yes, you can file an extension on IRS Form 5558. You’ll find a link to Form 5558 in the walkthrough linked above.

Has anything changed this year on the 5500-EZ?

Only one change has been made on the form, and that is you are now required to list the plan document provider that provides the plan documents for your 401k plan, and also list that provider’s IRS Opinion Letter. We at Retirement Guardians are your plan document provider, and so we’ve listed our information and a link to our IRS Opinion Letter at the linked walkthrough above. If you have a plan with another provider you will have to contact them for your opinion letter.

Retirement Guardians Website

If you click on the above walkthrough link and find that you have not set up an account on our website at www.retirementguardians.com yet, please send me an email and I will set up an account for you and send you your login information. Retirement Guardians only handles Solo 401k plans, so the website applies only to clients that have a Solo 401k plan.

If you’d like to talk about restating your Solo 401k to Retirement Guardians, you can set can set an appointment here or call 1-800-482-2760