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So what actually qualifies you as a soul okay a unike a self-directed K or any of these other fancy phrases well first off there is no such thing inside the tax code the tax code just defines what is a 401 K that's it in a story and then the Pension Protection Act came out that said hey for certain types of 401 k plans and thus this soul okay unike marketing stuff for certain types of retirement plans you don't even need to file a tax return unless the assets of the plan are over 250,000 so if your soul okay unike has assets of a hundred and ninety nine thousand no big deal you don't need to file a retirement plan in most situations so what were the qualifications that came out in the Pension Protection Act first off you cannot have any common law employees you cannot have any common law employees and get the preferential tax reporting or lack of tax reporting next the plan can only cover the owner of the business and/or their spouse in most cases so if I'm a sole proprietorship it can only cover myself and my spouse if I'm in a partnership the plan can only cover those people who are partners of the partnership if the partnership has any employees who are not owners of the partnership then you don't qualify for these new reporting requirements under the Pension Protection Act let's talk about a corporation corporation the only people who can be involved in the retirement plan are those people who are 2 percent or greater owner of an S corporation so in the context of S corporations so long as the only participants in the retirement plan own greater than 2 percent of that S corporation you still qualify for that lower level of tax reporting and then finally for C corporations so long as the only people in the retirement plan are the owner of the C corporation and their spouse if the husband and wife jointly 100% of the C corporation and they are the only participants or the people qualified to be participants in the plan then they qualify for that lesser lesser level of reporting and once again with that lesser level of reporting as a general rule of thumb so long as the assets of your retirement plan are less than two hundred and fifty thousand dollars your retirement plan doesn't even need to file a tax return if you have any questions send us an email give us a call thank you very much you.