How to file Schedule C?

[Guest rachd]

I've never had to file a Schedule C before and am trying to do it correctly the first time!

For this particular situation, no fees are paid from the plan (the employer pays the TPA and accountants for the audits out of their general assets).

So, do I not consider these on the Schedule C?

It seems to me that the only fees recorded are those that are paid from plan assets but am still unclear after reviewing the instructions and other guides.

If this is the case, do I just put 0 in line 1 or Part 1... and leave the rest blank?

On a side note, what if the plan uses forfeitures to pay for plan assets? Is that reported on the Schedule C?

Thanks,

Rachel

[Guest ElKH]

You don't have to complete a Schedule C if none of your service providers were paid from plan assets. Don't take the time to submit a Schedule full of zeroes either (remember: "paperwork reduction") You simply don't complete a Schedule C with your 5500 filing if it doesn't apply.

If your forfeitures are used to pay plan expenses, you are using the plan's assets. If an individual service provider is receiving at least $5,000 in compensation from the available forfeitures, you complete a Schedule C.