solo401 Question (5500-EZ form)

[dsp0725]

My solo401k value now requires me to fill out a 5500-EZ form.
I have never heard of this until recently. For 2019 I need to do a
Voluntary Correction. And the standard form for 2020.

Is this something I can do myself? My CPA says their group does not specialize in this. And another 401k management group says it'll cost about $700 per year to do these forms.

Anyone have experience with this process? Thank you!

 

[Montecfo]

My solo401k value now requires me to fill out a 5500-EZ form.
I have never heard of this until recently. For 2019 I need to do a
Voluntary Correction. And the standard form for 2020.

Is this something I can do myself? My CPA says their group does not specialize in this. And another 401k management group says it'll cost about $700 per year to do these forms.

Anyone have experience with this process? Thank you!

They are not very complicated. I would think most folks that are not afraid of tax forms could easily do it.

 

[HenryD]

My solo401k value now requires me to fill out a 5500-EZ form.
I have never heard of this until recently. For 2019 I need to do a
Voluntary Correction. And the standard form for 2020.

Is this something I can do myself? My CPA says their group does not specialize in this. And another 401k management group says it'll cost about $700 per year to do these forms.

Anyone have experience with this process? Thank you!

I did mine for the first time this year for 2019. It was a very easy 2-page form. The only tricky part was Part IV "Plan Characteristics", which I couldn't figure out based on the form instructions. IIRC my provider listed the appropriate feature codes somewhere.