Don’t get hit with costly penalties! Form 5500 series filing deadline is this Friday, July 31st!

For Self-Directed Solo 401(k) plans that had $250,000, or more, in assets as of December 31, 2019 and have a plan year-end date of December 31st, Form 5500-EZ or the electronic Form 5500-SF must be filed by this Friday, July 31, 2020. Plans that ended as of December 31, 2019, regardless of the plan’s balance, are also required to file Form 5500.

Failure to file Form 5500 can result in very stiff penalties imposed by both the IRS and the DOL!

If an extension is needed, Form 5558 can be mailed to the IRS. Plan sponsors who file Form 5558 by July 31, 2020, get an automatic 2 ½-month extension of time to file. The plan sponsor will also be granted an automatic extension of time to file Form 5500 through the due date of its federal income tax return if:

  1. The plan year and the plan sponsor’s tax year are the same, and

  2. The plan sponsor has been granted an extension of time to file its federal income tax return to a date later than the normal due date for filing the Form 5500. Information about common errors to avoid when requesting an extension can be found here.

Additional Resources:

Is the $250k threshold for Form 5500 filling based on the balance of the plan or the account?:

Form 5500 Series - Which one do you need to file?:

Failure to file Form 5500 – How to fix the mistake and request penalty relief.:

Information regarding who files which form, where to file, and additional tips and resources:

EFAST2 electronic filing system:

51 views0 comments



Nashional Self-Directed does not offer tax, accounting, legal or investment advice. Please consult with the appropriately licensed or certified processional if these services are needed.

The content provided on this website is for informational purposes only. Pricing is subject to change at any time.