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Solo 401(k): Now no reporting until $250K
Old 03-21-2008, 08:13 PM   #1
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Join Date: May 2004
Location: SW Ohio
Posts: 14,100
Solo 401(k): Now no reporting until $250K

I'm (finally) doing my taxes. For those with solo 401(k) accounts, I have discovered two things:
- Starting in 2007, the IRS raised the lower limit for mandatory reporting of these accounts. Now, if you are a typical solo 401(k) holder you don't need to file a report for the Solo 401(k) until it is worth $250,000. In the past, the reporting had to start when it was worth $100K. The form used is IRS 5500-EZ ( instructions at ). Hey, if the market does as poorly as everyone seems to expect, maybe I'll NEVER have to file one of these forms. Yippee!

- TaxCut does not do a very good job with solo 401(k)s. I'll switch to TaxAct or TurboTax next year.
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