5500-EZ Line 8 for Individual 401(k)

[Guest lzk]

Hi All,

I have my own individual 401(k) with TD Ameritrade under my S-corp, and with myself as the only participant. In the past, 5500-EZ did not require characteristics codes, but the form has changed for 2009. I am a bit confused about what codes I should put on the from, and TD Ameritrade is not being very helpful. I have a plain-vanilla individual 401(k), nothing fancy, with elective deferrals and company profit sharing.

So far I know I need 2E: Profit Sharing, 2J: 401(k) feature, and 3D: pre-approved pension plan (as I have a opinion letter number from TD).

Do I also need 2R: participant directed brokerage accounts, as I manage my own investments? What about 2T - total or partial participant directed brokerage? I think I need 2R but not 2T, but this is confusing. Any other codes I might be missing?

Any help is greatly appreciated.

Regards,

lzk

[Bird]

In a one-person plan, you could be directing the investments either as the participant or as the trustee, at least I'm assuming you are the trustee and not TD Ameritrade. The technical answer lies somewhere in the plan document, as does the answer to whether 2T is appropriate. If I had to guess, I'd go with 2R but not 2T. And don't worry about it too much; that info will just go into a statistical black hole.

[Guest lzk]

Thanks for the reply. I presume I am the trustee, not totally sure though. I'll call TD Ameritrade again tomorrow. I think I will go with 2R and not 2T. So its 4 codes: 2E, 2J, 2R and 3D

Regards,

lzk

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[mwyatt]

One other code that may apply for a self-employed individual is 3B (know you are S-Corp, but some other solo sponsor may be reading this thread).

[Tom Poje]

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