Software

[Guest akwallace]

We are a large employer, and have always outsourced the preparation of our 5500 forms in past years.

This year we will be preparing the form ourselves. Any recommendations for software that someone who has no previous experience preparing these forms would be able to use?

[Fredman]

I've been using Relius HyperPrep for the last 5 or 6 years. Its a Windows based program and its pretty easy to setup and use. You basically tab around the forms and fill in your answers. It does have a "checking" mechanism that will catch some simple mistakes you might make.

My only beef has been with its printing abilities. Finding the right print driver can take a little patience.

If the end user has never filled out a 5500 then they'll spend more time learning the forms rather than the software.

[Guest LVanSteeter]

I also use Relius. However, their system doesn't double check everything (i.s. IRS code 2c on the 5500 won't automatically check for an entry on Schedule R, 6a,b,c).

A good basic knowledge of what is required or an additional resource is a good idea. I also have the 5500 Preparer's Manual as a back up.

If you have a recordkeeper, you might check with them about preparing the forms for your review. Many of the larger mutual fund companies offer this service, some at little to no charge depending upon your relationship with them.

Good Luck!