Is there a way I can file a 5500-EZ with TurboTax to disclose the amount in a self-employed 401K plan?

[dmertz]

No.  TurboTax does not support the preparation of Form 5500-EZ.  Contact your plan trustee for assistance with preparing the form.

It's a rather simple form.  The only area where you might really need assistance is in identifying the codes needed to be included in Part IV.  All of the other information should be  available in your plan documents and account statements.  Simply download the fillable form from the IRA website:

Form 5500-EZ:  https://www.irs.gov/pub/irs-pdf/f5500ez.pdf

Instructions:  https://www.irs.gov/pub/irs-pdf/i5500ez.pdf

[oaklander]

Please Turbo tax consider automating this form and adding it to Turbo Tax Home and Business, as it would make filing everything much easier.

[dmertz]

TurboTax is a program for preparing income tax returns.  Form 5500-EZ has nothing to do with income taxes.

[DeerHunter25]

That is a very short sited answer. People are looking for a complete solution to interact with the IRS. If you are not looking to provide that solution, people need to look elsewhere. Because you don't support such a simple form - your words - I will not be using your product for the first time in over a decade. Maybe you should think outside the box.

[oaklander]

actually it is a required irs form for some plans, so turbo tax should add it to its repetoire

[dillydallygames]

Sounds like there's room for competition in this space. Go with a product or service that solves your problem instead of kicking the can down the road. This is also true of California Form 568 (Limited Liability Company Return of Income). California law requires this form to be filed electronically, yet TT self-employed doesn't do it. 

[sandy4042]

@dmertz I have taken a look at 5500-EZ, it does look simple (i.e., total plan assets at beginning and end of year).  I want to simply fill out the paper form for my solo 401K and mail it.  Is there any way to be certain that the IRS has processed it?  I will send it certified mail with tracking to ensure that it gets there but would like some indication that the IRS has OK'd and recorded it.  The penalties by the IRS and DOL look quite stiff for late filing (i.e., $250/day).

[dmertz]

Other than calling the IRS, I don't know how you would verify that the Form 5500-EZ has been processed by the IRS.

[sandy4042]

Thanks.  For this reason I may look into the electronic filing method EFAST2.  If it's not too onerous, it might be worth registering and filing that way, to have digital online proof of the actual form that I filed.

[Critter-3]

Ususally the plan administrator filed the 5500 form for the account ... have you talked to them yet ?

[sandy4042]

It's a solo 401k opened with Fidelity for my spouse's consulting.  He is the employer, employee and plan administrator.  The balance just passed the 250k threshold (needs to be reported) for the first time in 15 years for TY2021.  Fidelity did send a helpful notice as they do every year showing the plan balance and the comment "This information should help you complete the Annual Return/Report of Employee Benefit Plan (Form 5500) which may be required by the Internal Revenue Service and the Dept of Labor".  The plan was strictly used for occasional salary deferral and profit sharing, no health insurance or other benefits involved.

[oaklander]

From my research, best way to do this is to set up an account and efile.  They have you do some drafts, and you can come and go on them.  It feels risky because you don't understand all the terminology, although the IRS help is a little helpful as are the instructions.  I wish Turbo tax would include this in their support!  You do get a receipt that they got your efiling.

[sandy4042]

Thanks @oaklander.  That's one of the reasons I want to get a confirmation from the IRS that they processed it.  In case I made a mistake on the form, I want to know ASAP, and not have some penalty clock start running.

[Critter-3]

https://www.paychex.com/articles/employee-benefits/everything-to-know-form-5500-responsibilities#:~:....