The 5500-EZ is filed for the previous tax year, so you need to wait until a tax year has come to a close before filing. The 5500-EZ should only be filed if you have $250,000 or more in total plan assets.

For example – If you opened your Solo 401k in May 2019 and had $250,000 or more in plan assets during 2019, then 2020 will be the first year the 5500-EZ is due (for the 2019 tax year).

The 5500-EZ is only submitted once $250,000 in total plan assets are reached. If you have under $250,000 in total plan assets, you do not need to file a 5500-EZ. If you only have $50,000 cash in the Solo 401k, but you also have a property worth $200,000 in the Solo 401k – your total plan assets are $250,000 and you must file a 5500-EZ.

The deadline to file your 5500-EZ is July 31st. The filing may be extended with your personal income taxes. Form 5558 must be submitted to the IRS by July 31st to ask for an extension to file.

You have access to our vetted and trained network of great CPAs to make completing the 5500-EZ simple and straightforward. Get expert help to make sure the IRS filings are done right the first time.

If you’d like a recommendation to help you complete your 5500-EZ filing, contact us at [email protected].

You must file a 5500-EZ if you are terminating your plan

If you're rolling the assets over to another 401k provider you shouldn't need to file a 5500-EZ if you are keeping the same trust and tax ID number. However, it is recommended you check with your new document provider. 

If you're closing the 401k completely and distributing the assets, or rolling everything into a self-directed IRA or other qualified retirement vehicle, then you must file and submit form 5500-EZ.

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