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Form 5500 - Schedule I IN: What You Should Know
Form 5500 Notice — Payroll Tax Withholding Dec 31, 2023 — Form 5500–Employer's Current Withholding How to File the Form 5500? Form 5500 may be filed electronically, with paper copies and attachments, or by paper form. You can use Form 985 to file a Form 5500. If filing by paper: Copy each page in duplicate using Form 985. Attach a signed copy of a notice to each page of your form 5500 using paper copies. (File with Form 985) Attach Form 985 to Form 5500. File your Form 5500. How to File Form 5500 by Electronic File? File (or have them send) your form 5500 electronically using Form 988-EZ. If you do not have a paper form, a certified copy of the 1040 tax form is acceptable. You must provide your social security number or a copy of a Form W-2 for each individual filing the form. You are not required to pay any withholding on Form 5500 unless required under federal law or an agreement with the Internal Revenue Service (IRS) regarding Forms 1095 and 1099. The only tax imposed by federal law, and the only withholding required on Forms 5500, is social security tax imposed on the wages you pay to the employees. You need to withhold federal income tax and any portion of state income tax withheld at the source for you and any employees, but not for a person providing services under the plan and not for a third party if the plan is operated by a trust, foundation or corporation. For more information, see How to File the Electronic Form 5500 Tax Return. What's So Special about the 2023 Form 5500? In 2019, you must pay an additional tax. A 40 filing exemption is eliminated for each Form 5500 you file. The annual reporting requirement, if you file Form MB each year and do the required work (see How to Perform Work), increases to 150 in 2019. Also, you are no longer required to file quarterly Form B with Schedule SE, even if you filed Form MB or MB-DI as described earlier. For more information, see What's Changed in Tax Year 2019 When to File a Form 5500? For employees of a corporation, Form 5500 is only required to be filed if the corporation pays a social security tax based on wages (either through a self-employment plan or through an employee's pension plan).
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