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5500EZ Filing Question – Two Plans
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
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- Joined: Wed Might 18, 2022 12:42 pm
Re: 5500EZ Filing Question – Two Plans
Post
by toddthebod »
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.
Re: 5500EZ Filing Question – Two Plans
toddthebod wrote: ↑Wed Jul 24, 2024 10:17 pm
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.
Completely to not which half, submitting two 5500s? It is too late for 2023 to be modified is not it? I really feel like Etrade has been kinda incompetent so far as nicely (not that I have been all realizing both as you’ll be able to see).
Simply to verify although you might be saying I ought to ideally get etrade to vary the plan numbers to 001 within the subsequent week and file my 2023 5500ez as plan 001?
- Posts: 7026
- Joined: Wed Might 18, 2022 12:42 pm
Re: 5500EZ Filing Question – Two Plans
Post
by toddthebod »
ColdBru wrote: ↑Wed Jul 24, 2024 10:41 pmtoddthebod wrote: ↑Wed Jul 24, 2024 10:17 pm
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.
Completely to not which half, submitting two 5500s? It is too late for 2023 to be modified is not it? I really feel like Etrade has been kinda incompetent so far as nicely (not that I have been all realizing both as you’ll be able to see).
Simply to verify although you might be saying I ought to ideally get etrade to vary the plan numbers to 001 within the subsequent week and file my 2023 5500ez as plan 001?
Do not submit two varieties 5500 EZ. Sure get ETrade to vary your plan quantity.
Re: 5500EZ Filing Question – Two Plans
toddthebod wrote: ↑Wed Jul 24, 2024 10:56 pm
Do not submit two varieties 5500 EZ. Sure get ETrade to vary your plan quantity.
How would this work with the 1099r that ETrade will likely be submitting for 2024 (as a result of they tousled and opened me a brand new account as an alternative of fixing my present one), would not that additionally set off a purple flag to have a rollover however I would report 0 rollover as a result of it was already accounted for in 2023?