Single Participant Profit Sharing Plan

[MBCarey]

Can someone confirm that a 5500 is not required for a ps plan with one participant until the assets reach over 100,000? Also, what happens when there are two participants, does that change the filing requirements.

[Leopurrd]

Form 5500-EZ is not required until total assets reach 100,000 - but you asked about a Form 5500? If your one participant is an owner or spouse of the owner, you would be eligible to file the EZ and would meet the 100,000 exemption.

when a plan has a participant besides the owner/spouse, then you would be required to file a Form 5500, which is not exempt from filing simply because of the amount of plan assets.

Vicki