IRS Form 5500-EZ Annual Return of a One-Participant (Owners / Partners and Their Spouses) Retirement Plan or a Foreign Plan

Form 5500-EZ Instructions

Follow these Form 5500-EZ Instructions to share the details of your retirement plan with the IRS:

1. Provide a few key details about the document you are filing - specify what tax period will be described in writing, check the appropriate box to certify this is the first, the last, the modified, or the short form, point out whether you have applied for an extension or are going to elaborate on a foreign plan, and indicate whether you are looking for a tax penalty relief or the plan was adopted retroactively.

2. List information about the plan - its name, number, and the date it became effective. Write down the details of the employer - it is mandatory to record the name, taxpayer identification number, business code, and contact details. In some cases, a plan administrator is different - they must be identified in the form as well. Inform the IRS about possible changes to the names or the taxpayer identification number and enter the number of participants at the start and at the end of the tax period.

3. Indicate how many assets and liabilities were a part of the plan and how many contributions have already been received or are going to be acquired in the future. Refer to the official instructions issued by the IRS to learn about codes that define certain characteristics of retirement plans and enter the codes that relate to your plan.

4. Answer several questions about the plan - for instance, you will have to confirm the existence of participant loans outstanding at any moment over the course of the tax period, state the obligation to comply with requirements related to minimum funding, and certify the sponsor of the plan adopted a plan in line with the favorable opinion verified by the IRS. Depending on your answers, you may need to attach supplementary documentation to the form such as IRS Form 5500 Schedule SB. Check the accuracy of your statements and certify the instrument by signing it, adding an actual date, and recording your name. The papers can be signed by an employee authorized by the employer to act as their representative or the administrator of the plan.

When Is Form 5500-EZ Due?

The Form 5500-EZ due date falls on the last day of the seventh month that follows the tax year outlined in the document whether you submit information about a calendar year or an alternative fiscal period. There is, however, an exception - if the deadline happens to be a legal holiday, Saturday, or Sunday, taxpayers have extra time to file their paperwork - send the return on the next business day.

The Form 5500-EZ filing requirements provide you with an opportunity to request a filing extension if you understand you are unable to file the instrument on time. To get this extension, you must prepare and submit IRS Form 5558, Application for Extension of Time To File Certain Employee Plan Returns, as soon as you realize a regular filing will not be possible - this way, you can obtain an extension of two and half months.

Where to Mail Form 5500-EZ?

To ensure fiscal authorities receive Tax Form 5500-EZ without delay, use this address to send the papers via certified mail - Department of the Treasury, IRS, Ogden, UT 84201-0020. In case it is more convenient for you to reach out to a private delivery service authorized by tax organs to assist taxpayers, the Form 5500-EZ mailing address is Internal Revenue Submission Processing Center, 1973 Rulon White Blvd., Ogden, UT 84201.

IRS 5500-EZ Related Forms:

1. IRS Form 5500, Annual Return/Report of Employee Benefit Plan, is a document used to report information about Direct Filing Entities, or DFEs (investment arrangements that manage funds from various plans), and employee benefit plans. Each sponsor or administrator of an employee benefit plan subject to the Employee Retirement Income Security Act of 1974 (ERISA) has to report information about benefit plans every year.
2. IRS Form 5500-SF, Short Form Annual Return/Report of Small Employee Benefit Plan, is a related simplified form used by certain small welfare and pension benefit plans. The plan must be small, it cannot be a multiemployer plan or hold employer securities, 100% of its assets must be invested in secure investments with a determinable fair value, and it has to be exempt from the audit by the independent qualified public accountant.