Should I fear form 5500

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  • Avatar DCdoc 
    Status: Physician
    Posts: 562
    Joined: 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?

    #241009 Reply
    Avatar Peds 
    Status: Physician
    Posts: 4447
    Joined: 01/08/2016

    never done but i doubt it is more exciting than say an 8606.

    #241014 Reply
    Liked by DCdoc, spiritrider
    Avatar Tim 
    Status: Accountant
    Posts: 3079
    Joined: 09/18/2018
    #241017 Reply
    Liked by DCdoc
    Avatar Larry Ragman 
    Status: Other Professional
    Posts: 617
    Joined: 08/30/2018
    Splash Refinancing Bonus

    Edit: Tim’s post came in while I was typing. I defer to him.

    #241020 Reply
    Avatar spiritrider 
    Status: Small Business Owner
    Posts: 1907
    Joined: 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.

    #241027 Reply
    Liked by Peds, DCdoc
    White.Beard.Doc White.Beard.Doc 
    Status: Physician
    Posts: 937
    Joined: 02/06/2016

    5500 seems quite simple, and relatively brief.  I would not fear filling out the 5500 return.

    #241090 Reply
    Liked by Tim
    jfoxcpacfp jfoxcpacfp 
    Status: Financial Advisor, Accountant, Small Business Owner
    Posts: 8137
    Joined: 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.

    Johanna Fox Turner, CPA, CFP, Fox Wealth Mgmt & Fox CPAs ~ ~ [email protected]

    #241094 Reply
    Liked by spiritrider, Tim

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