Rocket Dollar Knowledge Base

How do I file the form 5500-EZ if the total assets are above $250k? Can I have more than one Solo 401(k)?

If the combined, total assets of the Solo 401(k)s is above $250k you will need to file form 5500 for each plan.

Let's say you have more than one Solo 401(k). Separately, the balance in either plan is not above $250k but combined the plan balances are above $250k. Do I need to file a form 5500 for both plans?

The IRS has addressed this contingency. 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 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 plan year.

 

Read more about our Self-Directed Solo 401(k)