IRS Forms Applicable to 1-Participant 401k Plans

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IRS Forms Applicable to One-Participant 401k Plans

"One-participant" plans are those that, as of the first day of the plan year...

cover ONLY the company owner and his/her spouse — providing the owner (with or without his/her spouse) owns the entire business, be it incorporated or unincorporated

cover ONLY one or more partners (and any spouses)in companies that are business partnerships.

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Any 401k plan that incurs a distribution during the year must file a Form 1099-R for each distribution, a Form 1096 as an accompaniment to any 1099-R filed, and a Form 945 to pay and report any withholdings taken on any distributions made during the year.

To fulfill annual federal reporting requirements, plans that...

meet the above definition of one-participant plans,

AND

do not provide benefits for anyone except the business owner and his/her spouse or the business partners and their spouses,

file Form 5500-EZ.

Go to…

FedForms Instructions to Earnings From Investments: Calculation Worksheets
FedForms Instructions to End of Year Plan Assets: Calculation Worksheets
FedForms Instructions to Summary Annual Report
FedForms Instructions to Form 1096
FedForms Instructions to Form 1099-R
FedForms Instructions to Form 945
FedForms Instructions to Form 5500-EZ
And if need be, file for an extension using FedForms Instructions to Form 5558

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If your company's 401k meets the above definition of a one-participant plan AND your plan's total end of year assets have been $100,000 or less for every plan year since 1994 OR you have two or more one-participant plans that together have had total end of year plan assets of $100,000 or less for every plan year since 1994, you may not have to even file Form 5500-EZ — unless this is regarding your final plan year:

All one-participant plans must file a Form 5500-EZ for their final plan year even if total plan assets have always been less than $100,000.

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401k FedForms presents its information in two formats:

You can click on any highlighted area of any IRS Form or Schedule pictured herein to call up the information on where within your 401k software to find the requested information.

You can choose to view text-only instructional pages. These pages contain only a small graphical representation of the particular IRS Form or Schedule but list all 401k FedForms instructions regarding that Form or Schedule on a single page. Because information is not "hidden" within popup windows, the text-only pages are recommended for user's who prefer to download or print out the instructions rather than view them while online.

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