nsfpsp Posted February 20, 2023 Posted February 20, 2023 C corp has a Profit Sharing Plan. The owner is (and has been) the only participant. I've previously filed 5500SF, but I mistakenly filed Form 5500EZ last year, and didn't realize it until filing 5500SF this year. Should I file an amended 5500SF for the year I filed the 5500EZ?
Bird Posted February 20, 2023 Posted February 20, 2023 I would just let it go and file the EZ going forward. We have changed from SFs to EZs and surprisingly, the govt seems to be able to recognize it. If not, it is an easy explanation; easier I think than asking for headaches by filing an amended return. Belgarath 1 Ed Snyder
nsfpsp Posted February 20, 2023 Author Posted February 20, 2023 Thank you. I do not need any more headaches!
SSRRS Posted February 21, 2023 Posted February 21, 2023 7 hours ago, nsfpsp said: C corp has a Profit Sharing Plan. The owner is (and has been) the only participant. I've previously filed 5500SF, but I mistakenly filed Form 5500EZ last year, and didn't realize it until filing 5500SF this year. Should I file an amended 5500SF for the year I filed the 5500EZ? If this is an owner only plan, then aren't you correct in filing the EZ?
nsfpsp Posted February 23, 2023 Author Posted February 23, 2023 The Plan was not set up as an owner only plan. It's owner only in that the owner of the C corp. is the only employee. If at some point there are employees, they could be eligible. I've been following the guidelines of the third party administrator that previously handled the plan. The company had a pretty dramatic setback during the pandemic, and I've been handling all administrative tasks as a volunteer. All previous filings were 5500SF so I was concerned that I filed the wrong form last year when I filed the 5500EZ. However, it seems to not really matter, if I'm understanding Ed's earlier response correctly. Thanks for responding!
WDIK Posted February 23, 2023 Posted February 23, 2023 In past years, Form 5500-SF could be used for an owner-only situation if the return was going to be submitted electronically. That is no longer the case. Now a Form 5500-EZ is required. Bri 1 ...but then again, What Do I Know?
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