› Forums › Solo 401k › Solo 401k – 5500-EZ › Form 5500 EZ required for Plan Totals or Contribution Totals?
Tagged: #MegaBackdoorRoth, 550, 5500-EZ
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David D.
May 12, 2022 at 11:25 pmMy understanding is that one of the reasons a Form 5500 EZ is required if the plan has assets over 250,000 at the end of the year. Does the 250,000 include lifetime contributions or only the assets currently held in the solo 401k plan? For example if you are converting through a Mega Back Door Roth every year into a Roth IRA, and your solo 401k plan never grows to 250,000 because its assets are being converted into the Roth IRA, but the amount you contributed over several years does reach 250,000, would that trigger a requirement to file this form?
Thanks!
David D. -
George Blower
May 13, 2022 at 3:31 amThe Form 5500-EZ is required once the total value of the plan assets exceeds $250,000 as of December 31st.
Liftime contributions are not considered in making this determination.
We handle the Form 5500-EZ for our clients as part of our service (including the ability to file such Form 5500-EZ electronically).
See more: https://www.mysolo401k.net/solo-401k/common-solo-401k-form-5500-ez-faqs/
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Wei Wang
May 18, 2022 at 10:10 amHi George:
When will you file the Form 5500-EZ for your clients, and will you reach out to your clients to obtain EOY 12/31/21 account values? I am a client and I am just curious as to the procedure.
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Mark Nolan
May 18, 2022 at 1:05 pmSince we don’t have access to our clients funds, once the client notifies us of the account reaching or exceeding $250K as of 12/31 of the prior year we will prepare the Form 5500-ez for electronic filing with the government.
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Mark Nolan
May 18, 2022 at 1:05 pmSince we don’t have access to our clients funds, once the client notifies us of the account reaching or exceeding $250K as of 12/31 of the prior year we will prepare the Form 5500-ez for electronic filing with the government.
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