5500 instructions Form

5500 instructions 2024 Form: What You Should Know

The 2024 Form 5500 is due when you pay or provide employee gross wages that will exceed 3,000, minus any tax withholding, deductions, and credits, as otherwise provided in this section.  B. All Social Security or Railroad retirement benefits, pensions, or compensation received by or on behalf of an individual who is not covered by ERICA must be reported by the employer to the IRS.  C. For information about how to identify the social security benefits (SSI and SDI) that will be withheld, deductions, and credits of an employee's employer, see IRM 21.2.25.9.1, Individual with Dependent Child Not Included in Coverage, and IRM 21.4.1.10, Employer with Now or Limited Coverage.  2017 — Employment Requirements and Instructions for 5500-SWX — IRS A. The 2024 Form 5500 is due when you pay or provide employee gross wages that will exceed 3,000, minus any tax withholding, deductions, and credits, as otherwise provided in this section.  B. Employers may withhold up to 20% of the amount of social security benefits received by or on behalf of an employee or beneficiary at a rate not to exceed the lowest of either: 1. the maximum amount of social security benefits that would be subject for withholding under IRC section 214(d); or 2. the maximum amount of SSI benefits that would be subject for withholding under IRC section 205. The employee is required to pay the difference on a social security card.  C. For information about how to identify the social security benefits (SSI and SDI) that will be withheld, deductions, and credits of an employee's employer, see IRM 21.2.25.13, Employer with Now or Limited Coverage, and IRM 21.4.1.10, Employer with Now or Limited Coverage. For general information on Social Security number requirements and penalties, see IRM 22.2.1.1.7, Social Security Number. For more details on how to prepare a SSN for taxpayers, see IRM 21.16.1.9.3, Social Security Number. The following list is provided as a convenience only and does not reflect new guidance issued with the 2024 Form 5500.

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