Is there still a 2009-tax-year exemption for filing Form 5500 (due this Spring) for a one-owner-participant 401K with less than 250K in assets (as there had been in previous years)? I was looking at the 2009 form 5500 instructions and didn't see the exemption listed anywhere, so I'm not sure if I need to file this form or not. I never filed this form before because I always met the asset/ participant requirements for not filing.
So far as I know, if you're under $250K you do not need to file it, assuming no other events would trigger a filing. But, best to study the instructions carefully, or engage a professional, since making a mistake in a qualified plan can be very expensive.
Steve
After some additional research, for 2008 the 250K 5500-EZ exception is in the 2008 Form 5500 instructions, which also lists a filing deadline of July for the previous plan year ending on 12/31. The problem is the 2009 5500-EZ and the 2009 instructions i5500-EZ have not be released yet. I saw some random links in google that said they would be released in the Summer, but if the filing deadline is still July, how can this work? I also called the IRS forms number to order it and they said it was backlogged with an unknown ship-date. I would hope that the 2009 i-5500 still has the < 250K exception , but until the form is released I won't know for sure. Could they actually release the 2009 5500-EZ package in the Summer still with a July date for filing? This doesn't make sense!
I am facing some of the same uncertainties, in that I have also back-ordered the as yet unavailable 2009 5500-EZ form from IRS. To gain more information, I called the DOL. While they had no information on the IRS and their late form, they noted that, per the 5500-SF instructions on their website, many 5500-EZ filers can instead "ifile" 5500-SF.
So I would say your could study the relevant info on the DOL website, then call the DOL at 1-866-463-3278.
Steve
Update: I received the paper 2009 5500-EZ form in the mail today. Plenty of time to file it by the deadline.
Steve
BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.