Have a Solo 401(k)?
Remember to File Your 5500-EZ by July 31st if the Plans Assets are Greater Than $250,000

by Peter Rizzo

Life Settlements in a Retirement Account? Think Again.

PLEASE NOTE:  The below reminder does not apply to the IRA LLC structure, but only to Solo 401(k) plans.

If you have a Solo 401(k), remember that you must file a Form 5500-EZ by July 31, 2023 if your Solo 401(k)’s total value exceeded $250,000 as of December 31, 2022.  It is your responsibility as Trustee of your Solo 401(k) plan, to file the Form 5500-EZ.

In other words, if your Solo 401(k)’s total value was above $250,000 at the end of last year, then you need to file a Form 5500-EZ with the IRS by July 31 of this year.  The 5500-EZ form is a special version of the 5500 form that applies specifically to Solo 401(k) plans.  The IRS ignores any Solo 401(k) plans that have a total value below $250,000.  Once a Solo 401(k) plan’s value exceeds that $250,000 threshold, the IRS requires the 401(k) plan file the two-page 5500-EZ form.

We’ve tried to make it simple for our Solo 401(k) clients by providing a line-by-line walkthrough of the Form 5500-EZ, including instructions on where to mail the form.  You can find the walkthrough on our new 401k-client website:  https://www.retirementguardians.com/documentation/form-5500-ez/

The website requires login credentials, so if you have a Solo 401(k) plan, but haven’t set up an account on the new Retirement Guardians website yet, please email Jordan at jordan@retirementguardians.com and he will be happy to set you up with a login.

If you’d prefer to have someone else file the 5500-EZ form, we’re happy to provide a list of CPAs that work with Solo 401(k) plans, and can handle the filing for you.




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