5500EZ Submitting Query - Two Plans

ColdBru wrote: ↑Wed Jul 24, 2024 7:54 pm
Hello everybody. New right here however been on the sub-reddit for fairly a while. I’ve a query in relation to the 5500-EZ and the submitting and my state of affairs is a bit unusual since I set it up incorrectly after I began my solo 401ks.

I had my solo 401k at TD Ameritrade earlier than Schwab purchased them and determined to not supply the roth plan which pressured me to maneuver to Etrade. Now, after I setup my TDA accounts my Conventional was plan 001 and roth was 002. Transferring to Etrade I adopted the identical format with conventional being 003 and roth 004. I do know that is incorrect as all ought to have in all probability been 001. Regardless, as of some weeks in the past I mounted this concern and now my conventional and roth at Etrade are 003. Woo, matching plan names and numbers.

My query is ought to I fill out two 5500EZ varieties (one for roth, one for conventional) with their totally different plan title and numbers because the preliminary submitting given the mixed quantity was over $250,000 at 12 months finish 2023? I am pondering of doing it this manner and subsequent 12 months filling out a closing 5500 for the roth, after which having that rollover quantity to the brand new roth with matching plan title and numbers in my different predominant type.

Thanks

Completely not. You at all times had one plan. The usage of two plan numbers was a clerical error.

Not solely that, however it’s best to nonetheless push E*Commerce to vary the plan quantity to 001.

I’d be very hesitant to file a type 5500 with plan 003 indicated. The IRS will need to know why you by no means filed closing varieties for plans 001 and 002.