Form 5500-EZ is used to fulfill federal filing obligations for one-participant plans and foreign plans that do not file Form 5500-SF electronically. It is important to know if filing Form 5500-EZ is mandatory, or if a filer qualifies to submit an annual return to the IRS without it.
What is Form 5500-EZ?
Form 5500-EZ is used by one-participant plans and foreign plans who are not subject to the requirements of section 104(a) of the Employee Retirement Income Security Act of 1974 (ERISA). It is required to be filed if there is an employer who maintains the plan, is a domestic employer, or a foreign employer with income from sources within the United States (including foreign subsidiaries of domestic employers). A one-participant plan cannot exceed $250,000 in assets or else Form 5500-EZ will have to be filed. It will be submitted on paper and will include Part I, lines A, B, and C; Part II, lines 1a–5b, 5d(1), 5d(2), and 5(e); Part III, lines 7a–c, and 8a; Part IV, line 9a; Part V, line 10g; and Part VI, lines 11–12e. Form 5500-SF may also be used in cases. Mandatory electronic filing applies for filers filing 250 returns of any type including Forms W-2 and 1099, income tax returns, employment tax returns, and excise tax returns, during the calendar year including the first day of the plan year.
IRS Form 5500-EZ – Who Needs to Fill It Out?
IRS Form 5500-EZ must be filled out by employers and their employees who have one-participant retirement plans or foreign plans, and are not subject to the requirements of the ERISA and do not file Form 5500-SF electronically. If an employer’s one-participant plans or foreign plans have a combined total of assets over $250,000, the Form must be filed. If an employer must file at least 250 returns (Forms W-2, 1099, etc.) of any type with the IRS in a calendar year, the Form must be filed electronically on Form 5500-SF with the EFAST2 Filing System, unless the employer experiences undue economic hardship – in which case a waiver can be requested. The 2019 Form 5500-EZ must be filed on paper or through approved software, if available, and signatures of the plan administrator or employer are required for filing. Penalties may be imposed for not filing returns on time.
Step-by-Step: Form 5500-EZ Instructions For Filling Out the Document
Step-by-Step: Form 5500-EZ Instructions For Filling Out the Document Filing Form 5500-EZ is mandatory for one-participant plans and foreign plans that are not subject to the requirements of section 104(a) of the Employee Retirement Income Security Act of 1974 (ERISA). It is important to note that one-participant plans and foreign plans may not file Form 5500-SF electronically regardless of size or other conditions. The 2019 Form 5500-EZ must be filed on paper, with the IRS providing official printed forms and downloadable versions on the official website. The Form 5500-EZ must be signed and dated by the plan administrator or employer and is due by the last day of the 7th calendar month after the plan year began. Filers should use the address specified in the Instructions for filing Form 5500-SF electronically via the EFAST2 Filing System. There are penalties for not filing returns in connection with pension, profit-sharing, etc., plans by the required due date.
Below, we present a table that will help you understand how to fill out Form 5500-EZ.
|Information Required for Form 5500-EZ||Details|
|Filing Requirements||Who must file Form 5500-EZ|
|Filing Deadline||Due date and submission process|
|Penalties||Penalties for not filing on time|
|Official Forms||Where to find official printed forms|
Do You Need to File Form 5500-EZ Each Year?
If you are a one-participant plan or a foreign plan that is required to file an annual return and do not file electronically on Form 5500-SF, then you must file paper Form 5500-EZ with the IRS each year. You do not have to file if the total of the plan’s assets and the assets of all other one-participant plans maintained by the employer does not exceed $250,000. Form 5500-EZ must be filed on paper and is available from the IRS. Some filing requirements may necessitate a Form 5500-SF be filed electronically. Penalties may be imposed for not filing returns by the required due date.
Download the official IRS Form 5500-EZ PDF
On the official IRS website, you will find a link to download Form 5500-EZ. However, to make it easier for you, we are providing the link in our article, which comes directly from the official irs.gov website! Click to download: Form 5500-EZ