Alison Williams
Sep 30 2002, 05:22 PM
Are SEP's required to file a Form 5500? It is a one person plan (husband and wife) with no employees. The plan asset value is over $300,000. Thanks!
Michael Devault
Oct 1 2002, 06:51 AM
The instructions for Form 5500 contains a list of plans that are not required to file the form. SEPs are included in that list.
Hope this helps.
JohnCheek
Oct 2 2002, 09:45 AM
Actually, to be exempt from filing a 5500, the SEP must conform to the alternate method of reporting described in the regs., which is to give a copy of the adoption agreement to every participant. Real simple, but if you discover 5 years too late that you didn't do it...