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5500 2023 Form: What You Should Know
Management and Tax Simplification Act of 2004. The IRS requires that any one of two Forms 5500 must be filled out using the Form 5500 series. The 2023 Form 5500 Schedule 1 and 2023 Form 5500 Schedule 2 include a special statement for FEES participants that will show, for each plan year, the amount of contributions and benefits paid FEES — IRS Schedule 1 (for a plan year that ended in 2018) and Schedule 2 (for a plan year that ended in 2017) includes information about the following: (1) The amount of contributions made for each tax year, (2) The total amount of benefits paid throughout the plan year, (3) The maximum amount paid, and (4) The amount the plan participant or plan participant agent will pay (up to their contribution limit) in any year in each of the following tax years. If the value of benefits paid to a plan participant is 1,000 or less in any of the tax years, the total value of benefits paid in the tax year is 0. For example, if the value of the plan participant's annual contribution for 2023 is 500 (maximum 50,000), the plan participant will pay 2,500 in taxes. There are two forms for the Form 5500 annual return/report: Form 5500-EZ (see above) and Form 540. Form 5500-EZ (see above) has a similar table to the Form 540. The form does not have a specific line for each payment schedule, but there is a separate line if there is an amount due. When you fill out the Form 5500-EZ, don't forget the following. If there is an amount due, enter it on Form 5498. Form 5498 (100, 50, 10, 5, 4, 1, 0) Form 5498 is used by the plan administrator if required. All Forms 540, 6010(b), and the Form 5500-EZ are filed electronically, and should be done through any of the following services: Google Drive: ftwilliam.com Drop Box: ftwilliam.com If you want to file a paper Form 540 or Form 5498, you'll need a check or money order payable to the Treasury.
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