DCdocParticipantStatus: PhysicianPosts: 562Joined: 06/14/2016
Background: changed jobs a couple years ago. Have old 401k still in previous employer plan. New employer plan options kind of suck (not great options/high ER) so I’ve been reluctant to roll over into new plan. I have a solo 401k I opened a while back with a nominal amount. $1000 or so from a brief locums gig while getting credentialed which was paid 1099. Current job is W2. No plans for further 1099 work in near future but I think (hope?) I can continue to keep the solo 401k since i “might” do that again at some point in the future. I am considering moving old plan into solo 401k but it would then exceed the $250k threshold for form 5500. I’ve always done my own taxes. Is form 5500 something I could file myself, or is it sufficiently burdensome to consider maintaining old account at old employer and not moving to solo 401k?August 23, 2019 at 7:59 am MST #241009PedsModeratorStatus: PhysicianPosts: 4447Joined: 01/08/2016
never done but i doubt it is more exciting than say an 8606.TimParticipantStatus: AccountantPosts: 3079Joined: 09/18/2018
Depends on your reading skills!Larry RagmanParticipantStatus: Other ProfessionalPosts: 617Joined: 08/30/2018August 23, 2019 at 8:22 am MST #241020spiritriderParticipantStatus: Small Business OwnerPosts: 1907Joined: 02/01/2016
It seems far more daunting than it really is. Most of it is boilerplate, simple status of the contributions, assets, distributions and your particular plan characteristic codes. The latter can be a little tricky, but once you have done it one time, it is pretty trivial.White.Beard.DocParticipantStatus: PhysicianPosts: 937Joined: 02/06/2016
5500 seems quite simple, and relatively brief. I would not fear filling out the 5500 return.jfoxcpacfpModeratorStatus: Financial Advisor, Accountant, Small Business OwnerPosts: 8137Joined: 01/09/2016
Have no fear – it’s a learn-by-doing form. The hardest part is not forgetting that the due date is 7/31.