Form 5500-EZ (2019)

What Is Form 5500 EZ 2019?

IRS Form 5500-EZ for the year 2019 is a specialized tax form designed by the Internal Revenue Service (IRS) for a one-participant pension plan or a foreign plan that is not required to file an annual return electronically on Form 5500-SF.

A one-participant plan typically covers a sole business owner with no employees or covers the business owner and their spouse. Ensuring these retirement plans comply with the Employee Retirement Income Security Act (ERISA) regulations is imperative.

Who needs to file the form 5500 EZ for 2019?

The requirement to file this form applies to you if you have a retirement plan such as a solo 401(k) or an individual pension plan, and you have assets in your retirement plans that exceed $250,000 as of the end of the plan year, or if the plan is terminated.

How to Fill Out the 2019 Form 5500 EZ

If you are required to complete this IRS file, knowing how to complete the template accurately is crucial. Here's a step-by-step guide to help you:

1. Identify the plan's name, and enter it along with the three-digit plan number in the designated fields.
2. Record the plan sponsor's name and employer identification number (EIN).
3. Specify the plan sponsor's business address, including city, state, and ZIP code.
4. Provide the plan administrator's name if different from the plan sponsor, and include their address.
5. Fill in the plan year beginning and ending dates to confirm the period the form covers.
6. Indicate if the plan is a one-participant plan or a foreign plan by ticking the appropriate checkbox.
7. Enter the total number of participants at the beginning of the plan year.
8. Specify the value of the plan at both the start and the end of the plan year.
9. Include any contributions made for the plan year, dividing them between employer and participant contributions.
10. Note all the plan characteristics that apply from the list provided by using the applicable two-digit codes.
11. Detail all the financial and transactional information requested about the plan, such as the amount of plan-related fees and expenses.
12. Reveal whether the plan had any benefit claims that were not paid or any compliance and operational standards not adhered to.
13. If there were any loans or fixed income obligations in default or classified as uncollectible, report this information.
14. Capture the amount of any distributions made to participants or beneficiaries.
15. Acknowledge and respond to whether the plan is covered by a fidelity bond and specify the amount.
16. If the plan has been amended or terminated, provide the appropriate details regarding these changes.
17. Confirm whether all the required minimum distributions have been made for the plan.
18. Review the information provided for accuracy and ensure all the applicable fields are completed.
19. The plan sponsor or administrator must sign and date the form.
20. If necessary, include any additional schedules or attachments that are relevant to the plan's operation or financial situation.

Benefits of filing online with PDFliner

Using PDFliner to complete your 2019 Form 5500-EZ offers a variety of benefits including:

• Secure and easy access to fillable Fiduciary Reporting Forms.
• Intuitive tools for editing, e-signing, and sharing forms electronically.
• Ability to save forms in progress, reducing the risk of data loss.
• Streamlined processing that can speed up the time it takes to prepare and file your form.

Essential tips to remember

When filing the IRS Form 5500 EZ 2019, keep the following tips in mind:

• Check the IRS's official guidelines for any changes or updates that may affect your filing.
• Always maintain a copy of the form for your records after submission.
• Ensure all information is reported accurately to avoid potential audits or penalties.
• Submit the form by the deadline, typically the last day of the seventh month after the plan year ends, to stay compliant.