Final 5500 EZ

[user99]

Somebody terminated a one-participant 401(k) early this year (and distributed all assets), and is filing the final 5500. The CPA is asking what the final plan assets should be for line 6(a).

Plan assets are zero, but I guess the confusion comes from the fact that the current IRS 5500 is for 2021 (the 2022 version isn't out yet). The 7-month deadline is approaching, so there's not a lot of time to wait.

Would they just use the 2021 form and indicate at the top that the plan terminated in 2022? Presumably they:

• Check the box for a short plan year
• Enter 1/1/2022 and the termination date as the plan year?

The plan was a calendar-year plan, but again, the plan terminated early in 2022.

Thanks for any pointers on this!

[Lou S.]

Final assets $0

PYB = 1/1/2022

PYE = Date of final distribution

Yes, Short plan year.

Use 2021 form. If filing on paper cross out 2021 and write 2022. If filing electronically, should be no problem if PYB/PYE date are correct.

[user99]

Thank you Lou S. - much appreciated!