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How To Fill Out Form 5500 Enter Annual Report Information. The first step in completing IRS Form 5500 is to enter the Annual Report Identification Information necessary for Part 1. ... Complete Plan Information. ... Identify & Complete Relevant Additional Schedules. ... Sign and Submit Form 5500.
For Form 5500 purposes, 401(k) plans with 100 or more participants at the beginning of the plan year are considered a ?large plan?, while plans with fewer participants are considered a ?small plan.? Large plans must file an audit report with their Form 5500, while most small plans do not.
Specifically, for 2023 and later plan years, plans are directed to count only the number of participants/beneficiaries with account balances as of the beginning of the plan year, as compared to the current rule that counts all the employees eligible to participate in the plan.
FORM 5500 SCHEDULE C GENERAL BACKGROUND The Schedule C of Form 5500 disclosure rules provide that each retirement plan required to file a Schedule C of Form 5500, review and potentially report, any ?direct? and ?indirect? compensation received by its service providers in connection with their services to the plan.
Eligible indirect compensation is defined as indirect compensation that includes fees or expense reimbursement payments charged to investment funds and reflected in the value of the plan's investment or return on investment of the plan (e.g., mutual fund expense ratios).