2009 Form 5500-EZ Instructions
Annual Return of One-Participant (Owners and Their Spouses) Retirement Plan
Close Help Page |
View Official IRS Instructions |
Table of Contents
|
| General Instructions |
|
| Specific Instructions |
|
Section references are to the Internal Revenue Code unless otherwise noted.
A one-participant plan (as defined under Who Must File Form 5500-EZ on page 2) may not file an annual return on Form 5500, Annual Return/Report of Employee Benefit Plan, for 2009 regardless of whether the plan was previously required to file an annual return on Form 5500. Every one-participant plan that is required to file an annual return for 2009 must instead file paper Form 5500-EZ, Annual Return of One-Participant (Owners and Their Spouses) Retirement Plan, or, if eligible, electronically file Form 5500-SF, Short Form Annual Return/Report of Small Employee Benefit Plan.
Foreign plans (as defined under Who Must File Form 5500-EZ on page 2) are not eligible to file Form 5500 for 2009, regardless of whether the plan was previously required to file an annual return on Form 5500. Every foreign plan that is required to file an annual return for 2009 must instead file paper Form 5500-EZ, Annual Return of One-Participant (Owners and Their Spouses) Retirement Plan.
Form 5500-EZ for 2009 will not be filed through the computerized ERISA Filing Acceptance System (EFAST). The "machine print" Form 5500-EZ (completed using computer software from EFAST approved vendors) and the "hand print" Form 5500-EZ (on official government produced paper for processing with EFAST) are not available for 2009 filings. However, a fillable Form 5500-EZ for 2009 may be completed and downloaded from the IRS website. The filer must print the completed return, sign, date, and mail it to the address shown under Where To File on page 3. Or, an official IRS printed paper Form 5500-EZ for 2009, obtained from the IRS, can be completed by hand and filed using the same address for filing the downloaded form.
New plan characteristic codes have been added to identify foreign plans, one-participant plans that satisfy the minimum coverage requirements of section 410(b) only when combined with another plan of the employer, plans whose sponsors received services of leased employees (as defined in section 414(n)), and plans whose sponsors are members of a controlled group under section 414(b) or (c), or an affiliated service group under section 414(m).
The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Photographs of missing children selected by the Center may appear in instructions on pages that would otherwise be blank. You can help bring these children home by looking at the photographs and calling 1-800-THE-Lost (1-800-843-5678) if you recognize a child.
To reduce the possibility of correspondence and penalties, we remind filers:
- Use the online, fillable 2009 Form 5500-EZ on the IRS website. Complete and download the form to your computer to print and sign before mailing.
- Or, use the official IRS printed paper Form 5500-EZ obtained from the IRS. Complete the form by hand (with pen or typewriter). Be sure to enter your information in the specific line fields provided, sign, and date the form before mailing.
- Do not use felt tip pens or other writing instruments that can cause signatures or data to bleed through to the other side of the paper. One-sided documents should have no markings on the blank side.
- Paper should be clean without glue or other sticky substances.
- Do not submit extraneous information such as arrows or notes on the form.
If you have questions and need help in completing this
form, please call 1-877-829-5500. This toll-free telephone
service is available Monday through Friday.
You may order the paper Form 5500-EZ and its instructions by calling 1-800-TAX-FORM (1-800-829-3676) or visiting the IRS website at www.irs.gov/formspubs/.
Personal computer.
You can access the IRS Internet website 24 hours a day, 7 days a week at www.irs.gov to:
- View forms, instructions, and publications.
- See answers to frequently asked tax questions.
- Search publications on-line by topic or keyword.
- Send comments or request help by email.
- Sign up to receive local and national tax news by email.
Telephone.
You can order IRS forms and publications by calling 1-800-TAX-FORM (1-800-829-3676).
Form 5500-EZ is used by one-participant plans that are not subject to the requirements of section 104(a) of the Employee Retirement Income Security Act of 1974 (ERISA) and that are not eligible or choose not to file Form 5500-SF to satisfy certain annual reporting and filing obligations imposed by the Code. For 2009, foreign pension plans that are required to file an annual return must file Form 5500-EZ.
You must file Form 5500-EZ for a retirement plan if:
- The plan is a one-participant plan that is required to file an annual return and you are not eligible or choose not to file the annual return electronically on Form 5500-SF; or
- The plan is a foreign plan that is required to file an annual return.
- A one-participant plan means a retirement plan (that is, a defined benefit pension plan or a defined contribution profit-sharing or money purchase pension plan), other than an Employee Stock Ownership Plan (ESOP), which:
- covers only you (or you and your spouse) and you (or you and your spouse) own the entire business (which may be incorporated or unincorporated); or
- covers only one or more partners (or partners and their spouses) in a business partnership; and
- does not provide benefits for anyone except you (or you and your spouse) or one or more partners (or partners and their spouses).
A one-participant plan must file an annual return unless the plan meets the conditions for not filing under Who May Not Have To File Form 5500-EZ below.
A foreign plan means a pension plan that is maintained outside the United States primarily for nonresident aliens.
A foreign plan is required to file an annual return if the employer who maintains the plan is:
- a domestic employer, or
- a foreign employer with income derived from sources within the United States (including foreign subsidiaries of domestic employers) if contributions to the plan are deducted on its U.S. income tax return.
Caution! Do not file an annual return for a plan that is qualified foreign plan within the meaning of section 404A(e) that does not qualify for the treatment provided in section 402(d).
If you are not filing for a one-participant plan or a foreign plan, electronically file Form 5500 or, if eligible, Form 5500-SF.
You do not have to file Form 5500-EZ for the 2009 plan year for a one-participant plan if the total of the plan's assets and the assets of all other one-participant plans maintained by the employer at the end of the 2009 plan year does not exceed $250,000, unless 2009 is the final plan year of the plan. For more information on final plan years, see Final Return on page 3.
Example. If a plan meets all the requirements for filing Form 5500-EZ and its total assets (either alone or in combination with one or more one-participant plans maintained by the employer) exceed $250,000 at the end of the 2009 plan year, Form 5500-EZ must be filed for each of the employer's one-participant plans including those with less than $250,000 in assets for the 2009 plan year.
Paper Forms for Filing. The 2009 Form 5500-EZ may be filed on paper only.
File only the official IRS printed paper form or the downloadable form from the IRS website.
Complete the online, fillable 2009 Form 5500-EZ on the IRS website and download it to your computer to print and sign before mailing to the address specified in these instructions. See Where To File.
Or, complete and file the official IRS printed paper Form 5500-EZ, obtained from the IRS, by hand with pen or typewriter. Use blue or black ink to complete the form. Entries should not exceed the lines. Abbreviate if necessary. Printed paper forms are available from the IRS as discussed in How To Get Forms and Publications on page 1.
Under the computerized ERISA Filing Acceptance System (EFAST2), you must electronically file the 2009 Forms 5500 and 5500-SF using EFAST2's web-based filing system or you may file through an EFAST2-approved vendor. The 2009 Form 5500-EZ will be filed on paper only and cannot be filed with this electronic system. For more information, see the EFAST2 website at www.efast.dol.gov. For telephone assistance, call the EFAST2 Help Line at 1-866-GO-EFAST (1-866-463-3278). The EFAST2 Help Line is available Monday through Friday from 8:00 am to 8:00 pm, Eastern Time.
One-participant plans may satisfy their filing obligation under the Code by filing Form 5500-SF electronically under EFAST2 in place of Form 5500-EZ (on paper), provided that the plan covered fewer than 100 participants at the beginning of the plan year. One-participant plans that covered 100 or more participants at the beginning of the plan year are not eligible to file Form 5500-SF, and must file Form 5500-EZ.
Eligible one-participant plans need complete only the following questions on the Form 5500-SF:
- Part I, lines A, B, and C;
- Part II, lines 1a-5b;
- Part III, lines 7a-c, and 8a;
- Part IV, line 9a;
- Part V, line 10g; and
- Part VI, lines 11-12e.
Note. A one-participant plan that files Form 5500-SF completes the same questions that it would have to complete if it filed Form 5500-EZ.
Note. Information filed on Form 5500-EZ and Form 5500-SF is required to be made available to the public. Form 5500-SF is open to public inspection and publication on the Internet.
Pursuant to the Pension Protection Act of 2006 (PPA), the Form 5500 series requirements have been changed for pension benefit plans subject to the minimum funding standard requirements of section 412. For plan years beginning on or after January 1, 2008, Schedule B (Form 5500), Actuarial Information, was replaced by two collection vehicles, Schedule MB (Form 5500), Multiemployer Defined Benefit Plan and Certain Money Purchase Plan Actuarial Information, and Schedule SB (Form 5500), Single-Employer Defined Benefit Plan Actuarial Information.
Note. Filers of Form 5500-EZ are not required to file schedules or attachments related to Form 5500 with the 2009 Form 5500-EZ. However, you must collect and retain for your records completed Schedule MB (Form 5500) for certain money purchase plans, if applicable, and completed and signed Schedule SB (Form 5500) for single-employer defined benefit plans, if applicable. Even though you don't have to file the Schedule MB or Schedule SB with the 2009 Form 5500-EZ, you are still required to both perform an annual valuation and maintain the funding standard account for all plans subject to the minimum funding requirements of section 412.
The 2009 Schedule MB (Form 5500) and the 2009 Schedule SB (Form 5500) are available only electronically from the Department of Labor (DOL) website at www.efast.dol.gov. You can complete the schedules online and print them out for your records. If you are a Form 5500-EZ filer, do not attempt to electronically file the Schedule MB or Schedule SB related to your 2009 Form 5500-EZ filing.
File the 2009 return for plan years that started in 2009. Form 5500-EZ must be filed by the last day of the 7th calendar month after the end of the plan year that began in 2009 (not to exceed 12 months in length).
Note. If the filing due date falls on a Saturday, Sunday, or Federal holiday, the return may be filed on the next day that is not a Saturday, Sunday, or Federal holiday.
You can use certain private delivery services designated by the IRS to meet the "timely mailing as timely filing/paying" rule for tax returns and payments. The private delivery services include only the following:
- DHL Express (DHL): DHL Same Day Service.
- Federal Express (FedEx): FedEx Priority Overnight, FedEx Standard Overnight, FedEx 2Day, FedEx International Priority, and FedEx International First.
- United Parcel Service (UPS): UPS Next Day Air, UPS Next Day Air Saver, UPS 2nd Day Air, UPS 2nd Day Air A.M., UPS Worldwide Express Plus, and UPS Worldwide Express.
The private delivery service can tell you how to get written proof of the mailing date.
File the Form 5500-EZ at the following address:
Department of the Treasury
Internal Revenue Service
Ogden, UT 84201-0020
The plan administrator or employer (owner) must sign and date paper Form 5500-EZ for the 2009 filing.
The Internal Revenue Code imposes a penalty of $25 a day (up to $15,000) for not filing returns in connection with pension, profit-sharing, etc., plans by the required due date.
Check box A(1) if this is the first filing for this plan. Do not check this box if you have ever filed for this plan, even if it was a different form (for example, Form 5500).
Check box A(2) if you are filing an amended Form 5500-EZ to correct errors and/or omissions in a previously filed annual return for the 2009 plan year. The amended Form 5500-EZ must conform to the requirements under the How To File section on page 2.
If you are filing an amendment for a "one-participant plan" that filed a Form 5500-SF electronically, you may submit the amendment either electronically using the Form 5500-SF with EFAST2 or on paper using the Form 5500-EZ with the IRS. If you are filing an amended return for a one-participant plan that previously filed on a paper Form 5500-EZ, you must submit the amended return using the paper Form 5500-EZ with the IRS.
All one-participant plans should file a return for their final plan year indicating that all assets have been distributed.
Check box A(3) if all assets under the plan(s) (including insurance/annuity contracts) have been distributed to the participants and beneficiaries or distributed or transferred to another plan. The final plan year is the year in which distribution of all plan assets is completed.
Check box A(4) if this form is filed for a period of less than 12 months. Show the dates at the top of the form.
For a short plan year, file a return by the last day of the 7th month following the end of the short plan year. Modify the heading of the form to show the beginning and ending dates of your short plan year and check box A(4) for a short plan year. If this is also the first or final return, check the appropriate box (box A(1) or A(3)).
2009 Short Plan Year Filings. To satisfy their 2009 filing requirement, eligible short plan year filers can choose to file electronically using Form 5500-SF. See the Department of Labor (DOL) website at www.efast.dol.gov.
Short 2009 plan year filers whose due date to submit their 2009 filing was before January 1, 2010, were given an extended due date to file their complete annual return if they chose to file that information electronically using a 2009 Form 5500-SF. Short 2009 plan year filers whose due date to submit their 2009 filing was before January 1, 2010 and who chose not to take advantage of the extended due date were required to use plan year 2008 forms and instructions and submit their 2009 filing on the 2008 forms on or before the due date for their short plan year filing.
Check box B if either of the following applies:
- You are filing a Form 5558, Application for Extension of Time to File Certain Employee Plan Returns. (Do not attach Form 5558 to your Form 5500-EZ. See below for more information.)
- You are using an extension based on the extended due date of your federal income tax return. (See the Note below.)
A one-time extension of time to file Form 5500-EZ (up to 2½ months) may be obtained by filing Form 5558, Application for Extension of Time To File Certain Employee Plan Returns, on or before the normal due date (not including any extensions) of the return. You must file Form 5558 with the IRS.
Approved copies of the Form 5558 will not be returned to the filer. A copy of the completed extension request must be retained with the plan's records.
See the instructions for Form 5558 and file it with the Department of the Treasury, Internal Revenue Service Center, Ogden, UT 84201-0027.
Note. Filers are automatically granted an extension of time to file Form 5500-EZ until the extended due date of the federal income tax return of the employer (and are not required to file Form 5558) if all the following conditions are met: (1) the plan year and the employer's tax year are the same, (2) the employer has been granted an extension of time to file its federal income tax return to a date later than the normal due date for filing the Form 5500-EZ, and (3) a copy of the application for extension of time to file the federal income tax return is retained with the plan's records. Be sure to check box B at the top of the form. An extension granted by using this exception cannot be extended further by filing a Form 5558 after the normal due date (without extension) of Form 5500-EZ.
Check box C if the return is filed by a foreign plan. See Who Must File Form 5500-EZ on page 2.
Line 1a. top Enter the formal name of the plan.
Line 1b. top Enter the three-digit plan number (PN) that the employer assigned to the plan. Plans should be numbered consecutively starting with 001.
Once a plan number is used for a plan, it must be used as the plan number for all future filings of returns for the plan, and this number may not be used for any other plan even after the plan is terminated.
Line 1c. top Enter the date the plan first became effective.
Line 2a. top Each row is designed to contain specific information regarding the employer. Please limit your response to the information required in each row as specified below:
- Enter in the first row the name of the employer.
- Enter in the second row the trade name if different from the name entered in the first row.
- Enter in the third row the in care of ("C/O") name.
- Enter in the fourth row the street address. A post office box number may be entered if the Post Office does not deliver mail to the employer's street address.
- Enter in the fifth row the name of the city, the two character abbreviation of the U.S. state or possession and zip code.
Foreign Address. For foreign addresses, enter the information in the order of the city, province or state, and the name of the country. Follow the country's practice in placing the postal code in the address. Do not abbreviate the country name.
Line 2b. top Enter the employer's nine-digit employer identification number (EIN). For example, 00-1234567. Do not enter a social security number (SSN).
Employers without an EIN must apply for one as soon as possible. EINs are issued by the IRS. To apply for an EIN:
- Mail or fax Form SS-4, Application for Employer Identification Number, obtained by calling 1-800-TAX-FORM (1-800-829-3676) or at the IRS website at www.irs.gov.
- Call 1-800-829-4933 to receive your EIN by telephone.
- Select the Online EIN Application link at www.irs.gov.
The EIN is issued immediately once the application information is validated. The online application process is not yet available for corporations with addresses in foreign countries or Puerto Rico.
Note. Although EINs for a plan's trust or custodial account are generally not required to be furnished on the Form 5500 and its schedules or Form 5500-EZ, the IRS will issue EINs for other reporting purposes. EINs for trusts or custodial accounts associated with plans may be obtained as explained above.
Line 2c. top Enter the employer's telephone number including the area code.
Line 2d. top Enter the six-digit applicable code that best describes the nature of the plan sponsor's business from the list of principal business activity codes on pages 7-9 of these instructions.
Line 3a. top Each row is designed to contain specific information regarding the plan administrator. Please limit your response to the information required in each row of boxes as specified below:
- Enter in the first row the name of the plan administrator unless the administrator is the employer identified in line 2a. If this is the case, enter the word "same" on line 3a and leave the remainder of line 3a and all of lines 3b and 3c blank.
- Enter in the second row any in care of ("C/O") name.
- Enter in the third row the street address. A post office box number may be entered if the Post Office does not deliver mail to the administrator's street address.
- Enter in the fourth row the name of the city, the two character abbreviation of the U.S. state or possession and zip code.
Foreign Address. For foreign addresses, enter the information in the order of the city, province or state, and the name of the country. Follow the country's practice in placing the postal code in the address. Do not abbreviate the country name.
Line 3b. top Enter the plan administrator's nine-digit EIN. A plan administrator must have an EIN for Form 5500-EZ reporting purposes. If the plan administrator does not have an EIN, apply for one as explained in the instructions for line 2b.
Line 3c. top Enter the plan administrator's telephone number including the area code.
Line 4. top If the employer's name and/or EIN have changed since the last return was filed for this plan, enter the employer's name, EIN, and the plan number as it appeared on the last return filed for this plan.
Note. Amounts reported on lines 6a, 6b, and 6c for the beginning of the plan year must be the same as reported for the end of the plan year on the return for the preceding plan year. Use whole dollars only.
Line 6a. top "Total plan assets" include rollovers and transfers received from other plans, unrealized gains and losses such as appreciation/depreciation in assets. It also includes specific assets held by the plan at any time during the plan year (for example, partnership/joint venture interests, employer real property, real estate (other than employer real property), employer securities, loans (participants and non-participant loans), and tangible personal property).
Line 6b. top Liabilities include but are not limited to benefit claims payable, operating payables, acquisition indebtedness, and other liabilities. Do not include the value of future distributions that will be made to participants.
Lines 7a and b. top Enter the total cash contributions received by the plan from employers and participants during the plan year.
Line 7c. top Enter the amount of all other contributions including transfers or rollovers received from other plans valued on the date of contribution.
Line 8. top Enter the two-character plan characteristics from the List of Plan Characteristics Codes on page 6 of these instructions.
Note. For 2009, a new plan characteristics code has been added for foreign plans.
Line 9. top You must check "Yes" if the plan had any participant loans outstanding at any time during the plan year and enter the amount outstanding as of the end of the plan year.
Enter on this line all loans to participants including residential mortgage loans that are subject to section 72(p). Include the sum of the value of the unpaid principal balances, plus accrued but unpaid interest, if any, for participant loans made under an individual account plan with investment experience segregated for each account made in accordance with Regulations section 29 CFR 2550.408b-1 and which are secured solely by a portion of the participant's vested accrued benefit. When applicable, combine this amount with the current value of any other participant loans. Do not include a participant loan that has been deemed distributed.
Line 10. top Check "Yes" if this plan is a defined benefit plan subject to the minimum funding standard requirements of section 412.
If the plan is a defined benefit plan, the enrolled actuary must complete and sign the 2009 Schedule SB (Form 5500), Single-Employer Defined Benefit Plan Actuarial Information, and forward it by no later than the filing due date to the person responsible for filing Form 5500-EZ. The completed Schedule SB is subject to the record retention provisions of the Code. See the 2009 Instructions for Form 5500 for more information about Schedule SB.
Line 11a. top If a waiver of the minimum funding standard for prior year is being amortized in the current plan year, enter the month, day, and year (MM/DD/YYYY) the letter ruling was granted.
If a money purchase defined contribution plan (including a target benefit plan) has received a waiver of the minimum funding standard, and the waiver is currently being amortized, complete lines 3, 9, and 10 of Schedule MB (Form 5500), Multiemployer Defined Benefit Plan and Certain Money Purchase Plan Actuarial Information. See the Instructions for Schedule MB in the Instructions for Form 5500. Do not attach Schedule MB to the Form 5500-EZ. Instead keep the completed Schedule MB in accordance with the applicable records retention requirements.
Additional Characteristic Codes top IRS recommends that you report the top six List of Plan Characteristics Codes on the 5500-EZ. If you wish to report additional codes, you may: 1) Write in additional codes in the footer of the 5500-EZ, 2) Add an attachment with additional codes listed, or 3) File an electronic 5500-SF and enter more than six codes.
Note. If you choose option 3, the 5500-SF will be posted on the DOL website.