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5500 extended due date 2023 Form: What You Should Know

Exceptions. Exemption is allowed for any year ended before or after the date the Form 5500 is due. If the due date falls within the 8 months after the due date of a previous Form 5500, the following year's Form 5500 will be filed with the same due date. The following are the exceptions: Form 1099-R (Employee's Withholding Allowance) Exemption. The IRS will not accept Form 1099-R (Employee's Withholding Allowance) from an employee's employer for benefits paid to the employee. Exemption is not permitted in the year following filing a Form 5500. There must be no more than 2,500,000,000 in such benefits for an individual to be exempt under this exclusion. Notice of Withholding on Inflation Adjustment or Annual Inflation Adjustment Exemption. No notice of withholding will be required for an employee's withholding. However, notice of annual inflation adjustment or annual inflation adjust- meet of compensation required by a state law or contract must be filed and may result in a penalty. An annual inflation adjustment or annual inflation adjust- meet of compensation is any change in the rate of pay which is paid in an annual period. The rate of pay is determined by the same formula annually used to compute wages and salary. If all compensation received during a year is subject to inflation compensation limitations, then an annual inflation adjustment or annual inflation adjust- meet of compensation is not required to be filed. Notice of Withholding for Health Insurance Exemption. If a health insurance plan has a medical loss payment, no notice of withholding may be required if the plan's health insurance liability is less than 2,500,000 in an individual's calendar year for the year. An individual must pay a part or all of his or her health insurance liability before the beginning of the year in which the liability first comes to light. In this case, notice of withholding will not be required. The plan may be considered to have a medical loss payment if the health insurance liability falls in excess of 2,500,000 based on the cost of insurance for the year, as reported to the IRS. Payment of Interest on an Exchange-Based Plan Exemption.

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