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Boston Massachusetts Form 5500 - Schedule I: What You Should Know

Employee 401(k) Plan and not GSA.  You would submit the form using the online submission system,  click on the appropriate link to get the information form you need. If you are unable to find what you need, please Contact Customer Support. FEDERAL EMPLOYEE RETIREMENT PLAN FORM 5500 The Form 5500 for the pension/retirement plan. The forms are available online or by faxing. What is the pension/retirement plan? A 401(K) plan is a type of plan in which an employer matches the amount an individual invests in an employee 401(k) plan. 401(k) plans are the fastest growing type of plan. People can currently work for a company that offers a 401(k) plan, or they can open a new plan. The primary benefit of a 401(k) plan is a reduction in taxes as long as you take out a tax-qualified contribution. There are many 401(k) plans in existence and the types of money that you can put into a 401(k) plan depends on your financial situation and your employer. Some companies offer flexible contributions while others will require you to match a certain percent of your contributions. What is the information required for filing a 401(k) plan? The form requires information about your retirement account and the total account balance, contribution and withdrawal options, annual fees. Why is it not mandatory? The Form 5500 has been considered a voluntary tax filing requirement. Who does it apply to? A 401(k), a SIMPLE IRA, or a SIMPLE IRA. What happens if I do not meet the requirements? The IRS will determine if you are eligible and will send a Letter of Credit or Notice of Withholding. If you are denied, you must file a Notice of Tax Lien (Form TTA) to try again with the IRS. Do I have to file the 5500 before it? You just need to complete the required portions of the Form 5500, the information on Form 5500A, and submit the forms to GSA. You do not have to file the 5500 before your plan year in case you have had time to plan. However, you do still need to file the 5500 by Dec. 31 of the year you plan to retire.

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