Vanguard small-business retirement plan is moving to Ascensus

[Surewhitey]

If you terminate your Solo 401(K) plan, a final 5500-EZ filing is required, regardless of plan value. The filing must occur within 7 months of plan termination.

This^^^

I may not have been clear, but the closure reporting is for any value. The 7 months was mentioned by the agent and the cleared funds after transfer/rollover had to be completed.

 

[HenryD]

Thanks for posting this. What is the filing deadline for the 5500-EZ to report the closure? Is it Dec 31 of this year, or Apr 15 of next year? Or some other date? (My Vanguard rep said no reporting was necessary, so it's good to know the real answer from the IRS!)

I forgot doing mine when I was distracted and wasn't paying attention when I crossed the asset limit. They fined me $500 to catch up. That was the amnesty-style 'Late Filer Penalty Relief Program' fine. I'd let it go long enough that the calculated fine was insane.

I terminated my plan when I closed my business on 12/31/23, but not the account, so I couldn't file the final. Closed the account in Feb. I hope the 2024 form is available soon because they are still showing 2023 as the current year for 5500-ez. After my costly mistake I started setting myself a June 30 reminder to file.

 

[Surewhitey]

I forgot doing mine when I was distracted and wasn't paying attention when I crossed the asset limit. They fined me $500 to catch up. That was the amnesty-style 'Late Filer Penalty Relief Program' fine. I'd let it go long enough that the calculated fine was insane.

I terminated my plan when I closed my business on 12/31/23, but not the account, so I couldn't file the final. Closed the account in Feb. I hope the 2024 form is available soon because they are still showing 2023 as the current year for 5500-ez. After my costly mistake I started setting myself a June 30 reminder to file.

Ouch, seems excessive. Guess it's like getting a ticket for not knowing laws. "No excuses"