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

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

m-okamoto-1992 — Wed, 05 Jun 2019 23:45:44 GMT

No. TurboTax does not support the preparation of Form 55...

dmertz — Wed, 05 Jun 2019 23:45:45 GMT

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

Re: No. TurboTax does not support the preparation of Form 55...

oaklander — Thu, 24 Oct 2019 22:33:32 GMT

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

Re: No. TurboTax does not support the preparation of Form 55...

dmertz — Fri, 25 Oct 2019 02:26:58 GMT

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

Re: No. TurboTax does not support the preparation of Form 55...

DeerHunter25 — Tue, 07 Jan 2020 18:04:04 GMT

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.

Re: No. TurboTax does not support the preparation of Form 55...

oaklander — Mon, 03 Feb 2020 21:49:28 GMT

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

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

dillydallygames — Sat, 27 Jun 2020 21:22:44 GMT

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.

Re: No. TurboTax does not support the preparation of Form 55...

sandy4042 — Mon, 11 Jul 2022 17:09:21 GMT

@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).

Re: No. TurboTax does not support the preparation of Form 55...

dmertz — Mon, 11 Jul 2022 18:14:57 GMT

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

Re: No. TurboTax does not support the preparation of Form 55...

sandy4042 — Mon, 11 Jul 2022 18:35:55 GMT

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.

Re: No. TurboTax does not support the preparation of Form 55...

Critter-3 — Mon, 11 Jul 2022 21:08:36 GMT

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

Re: No. TurboTax does not support the preparation of Form 55...

sandy4042 — Tue, 12 Jul 2022 00:53:54 GMT

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.

Re: No. TurboTax does not support the preparation of Form 55...

oaklander — Tue, 12 Jul 2022 02:36:38 GMT

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.

Re: No. TurboTax does not support the preparation of Form 55...

sandy4042 — Tue, 12 Jul 2022 04:10:35 GMT

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.

Re: No. TurboTax does not support the preparation of Form 55...

Critter-3 — Tue, 12 Jul 2022 11:59:54 GMT

https://www.paychex.com/articles/employee-benefits/everything-to-know-form-5500-responsibilities#:~:text=The%20IRS%20Form%205500%20is,condition%2C%20investments%2C%20and%20operation.

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

sandy4042 — Sat, 16 Jul 2022 16:52:07 GMT

Just wanted to update this thread with my experience in filing 5500-EZ for my self-employed 401K plan for the first time, since my balance exceeded $250K (threshold for requiring filing).

I printed out the paper form, read the instructions, talked to Fidelity, and did some browsing on the internet. The Fidelity agent pointed me toward their website (search on form 5500) which has a useful image of the form and line by line explanations plus some guidance on which plan characteristics apply.

I did register for an account on the EFast2 system (set up by Department of Labor) and filed my 5500-EZ electronically. I liked that as I entered my data on an online 5500-EZ there was some error checking. Also a field that I erroneously left blank on my paper draft (6c net plan assets) was automatically filled in by the program. There was also a validation check before submitting the form. Finally, after filing, I received a confirmation number, then shortly after a status showing "filing received". The only suggestion I would make is generate a PDF copy of your return for your records before filing as once you've submitted it electronically, there doesn't appear to be a way to retrieve a copy on the Efast2 system.