Hi everyone,
We opened a business in my wife's name few years ago as a single member LLC and opened a Solo 401(k) based on the past advice in this forum in Fidelity. After that, based on new CPA advice on tax savings, we made it an S-Corp and I was added as a second partner with a percentage partnership a couple of years ago. We went to Fidelity and they added as second account under the same plan.
Now the balance in my spouse account crossed 250k for the first time in 2023 with the spike in market. I understand that we need to now file Form 5500 for 2023 by July 31. I have the below questions
1. Do we need to list both the accounts for Form 5500 or just my spouse account which crossed 250k
2. If and when my account crosses 250k, do we need to file separate 5500 forms or is it one copy.
3. How easy / difficult is it to self-file this form. My CPA offered to file it, but is asking for statements in Jan and Dec 2023 for both the accounts. Also, their fees have sky-rocketed recently, so I would prefer to file myself if it is easy and if someone could direct me to a sample form.
We opened a business in my wife's name few years ago as a single member LLC and opened a Solo 401(k) based on the past advice in this forum in Fidelity. After that, based on new CPA advice on tax savings, we made it an S-Corp and I was added as a second partner with a percentage partnership a couple of years ago. We went to Fidelity and they added as second account under the same plan.
Now the balance in my spouse account crossed 250k for the first time in 2023 with the spike in market. I understand that we need to now file Form 5500 for 2023 by July 31. I have the below questions
1. Do we need to list both the accounts for Form 5500 or just my spouse account which crossed 250k
2. If and when my account crosses 250k, do we need to file separate 5500 forms or is it one copy.
3. How easy / difficult is it to self-file this form. My CPA offered to file it, but is asking for statements in Jan and Dec 2023 for both the accounts. Also, their fees have sky-rocketed recently, so I would prefer to file myself if it is easy and if someone could direct me to a sample form.
Statistics: Posted by saagar_is_cool — Mon Jul 22, 2024 9:12 pm — Replies 3 — Views 244