Updated: Apr 23
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:
The plan year and the plan sponsor’s tax year are the same, and
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.
Is the $250k threshold for Form 5500 filling based on the balance of the plan or the account?: https://www.nashionalsd.com/post/how-to-calculate-self-directed-solo-401-k-plan-assets
Form 5500 Series - Which one do you need to file?: https://www.nashionalsd.com/post/form-5500-sf-and-form-5500-ez-explained
Failure to file Form 5500 – How to fix the mistake and request penalty relief.: https://www.nashionalsd.com/post/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: https://www.irs.gov/retirement-plans/form-5500-corner
EFAST2 electronic filing system: https://www.dol.gov/agencies/ebsa/employers-and-advisers/plan-administration-and-compliance/reporting-and-filing/form-5500