user12 Posted January 4, 2024 Posted January 4, 2024 Any advice would be appreciated regarding the following question: Can I switch from 5500-SF to 5500-EZ if a one-participant plan has been filing 5500-SF for several years, but it seems that it should have been filing 5500-EZ instead? To clarify - as a single owner LLC I have been filing 5500-SF since 2015 (don’t remember why I started with 5500-SF instead of 5500-EZ, but at the time that seemed the right form), and now in 2024 accidentally I read that I should have been fining 5500-EZ instead since 2021. Which form should I file in 2024 and should I do anything about the prior filings? Is it possible to hide all of my 5500-SF filings since 2015 from the public, which I just learned are visible to all? Thank you.
Paul I Posted January 4, 2024 Posted January 4, 2024 You definitely should file your 2023 return on Form 5500-EZ. For the years you filed a Form 5500-SF for plan years 2014 through 2019, you checked the box in Part I Line A that the filing was for a one participant plan, then that form will not be available to the public. These filings are okay and there should be no need for concern. If you did not check that box, then likely the forms can be found using the Form 5500 search tool. You can check by searching for your forms at: https://www.efast.dol.gov/5500Search/ For filings for 2020 to 2022, the instructions for the 2023 plan year filings say: "If you are filing an amended return for a one-participant plan or a foreign plan that previously filed electronically using Form 5500-SF or Form 5500-EZ, you must submit the amended return electronically using the prior-year Form 5500-EZ for amending returns originally filed for the prior years or use the current-year Form 5500-EZ for amending returns filed for the current year or returns originally filed older than 3-years. Do Not use Form 5500-SF for an amended return of a one-participant plan or a foreign plan, even if you previously filed using Form 5500-SF." You may also find useful this IRS page that was just updated in December 2023: https://www.irs.gov/retirement-plans/filing-an-amended-2020-form-5500-ez If you have copies of your previous filings, the whole process to clean up 2000 - 2022 everything should not take more than 2-3 hours (including reading the instructions and preparing amended filings). If you are going back to 2014, then double that time estimate. Luke Bailey 1
user12 Posted January 9, 2024 Author Posted January 9, 2024 "Paul I", thank you very much for your reply. I called eFast at 866-463-3278 and the rep said that she will submit a request to her supervisor to forward to the DOL to hide my previous 5500-SF filings from public view, but did not know if this is possible. Also, spoke to the DOL at 202-693-8360 and the rep had no idea how these forms show or hide from public view (I had to mention the “one-participant plan” box to her) and she will contact her supervisor for advice. Also, called the IRS at 877-829-5500 and the rep had no info other than directing me to the IRS website. So, if I have to amend the old 5500-SF filings with 5500-EZ to hide them, I got conflicting info from the eFast rep whether I can do it electronically, or by paper. I will report back the info I get and the outcome.
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