IRS resources for electronic filing:
For live assistance, call the EFAST2 Help Desk at 866-GO EFAST (866-463-3278)
Form 5500-EZ Instructions
Part I – Annual Return Identification Information
Check box A(1) if this is the first return filed for this plan.
Check box A(3) if this is the final return being filed for the plan. (This only applies if you have terminated your Solo 401k).
Check boxes A(2)or A(4) if applicable.
Check box E if this is retroactively adopted plan.
Part II – Basic Plan Information (Lines 1a-5c)
1a. Enter the name of the Solo 401k plan as listed on page 2 of the plan’s Summary Plan Description (“Plan Name”).
1b. Enter the three-digit Solo 401k plan number as listed on page 2 of the plan’s Summary Plan Description (“Three Digit Plan Number”), which is usually 001.
1c. Enter the original effective date of the plan as listed on page 3 of the plan’s Adoption Agreement.
2a. Enter the name of the business entity that adopted the Solo 401k plan and address. This is listed on page 2 of the plan’s Summary Plan Description (“Employer”).
2b. Enter the EIN of the business entity from 2a above. This is listed on page 2 of the plan’s Summary Plan Description (“Employer Tax ID”).
If you are a sole proprietor and don’t have an EIN, do not use your social security number as the EIN. Instead, apply for an EIN on IRS website HERE.
2c. Enter the telephone number of the business entity that adopted the Solo 401k plan.
2d. Enter the six-digit business code that best describes the activity of your business that adopted the Solo 401k plan.
The business code must be one of the listed codes in the IRS instructions, starting on page 8:
This code should also be listed on your Defined Contribution Adoption Agreement, page 1, A6.
3a. Enter “Same” if it is the same as the employer in 2a.
3b. If the same employer, leave blank.
3c. If the same employer, leave blank.
4a-4c. If any of the following information has changed since you last filed Form 5500-EZ, note the prior information here. (This could result from a change in the adopting business since you last filed the form):
- Employer name
- Employer EIN
- Plan name
- Plan number
5a-5b. Enter the total number of participants in the Solo 401k plan at the beginning of the plan year. This is usually 1 or 2 (if the spouse is participating).
Part III – Financial Information (Lines 6a-7c)
Enter only whole numbers in Part III
6a. Enter the total plan assets at the beginning and end of the Solo 401k plan year.
Do not include contributions designated for this form year in column 1.
“Total plan assets” include rollovers and transfers received from other plans, unrealized gains and losses such as appreciation/depreciation in assets. It also includes specific assets held by the plan at any time during the plan year (for example, partnership/joint venture interests, employer real property, real estate (other than employer real property), employer securities, loans (participant and non-participant loans), and tangible personal property). (IRS)
6b. Enter the total liabilities at the beginning and end of the Solo 401k plan year.
6c. Subtract line 6b from line 6a and enter the net assets as of the beginning and end of the Solo 401k plan year.
7a. Enter the total cash employer contributions made for the plan year even if you waited to make them by the tax return due date of the following year.
7b. Enter all cash employee contributions also known as salary deferrals for the plan year even if you waited to make them by the tax return due date of the following year.
7c. Enter the amount of all other contributions including transfers or rollovers received from other plans valued on the date of contribution.
Part IV – Plan Characteristics (Line 8)
8. The Form 5500-EZ uses codes to pinpoint the characteristics of the Solo 401k plan and sponsor.
You will list more than one code here. Use the following codes; you will list at least the first three:
- 2J for 401(k) plan
- 2E for profit sharing plan
- 3D for pre-approved plan
- 3B if self-employed (i.e. this would not apply if you are a W-2 employee of your own business)
Part V – Compliance and Funding Questions (lines 9-12)
9. If yes, enter the outstanding Solo 401k loan amounts as of the end of the Solo 401k plan year.
Enter on this line all loans to participants… Include the sum of the value of the unpaid principal balances, plus accrued but unpaid interest, if any, for participant loans made under an individual account plan (IRS)
10. Check “No”.
11. Check “No”.
12. Enter date of the IRS Opinion Letter 06/30/2020 and Opinion Letter serial number Q703760a
(For Safeguard and Discount Solo 401k clients, please refer to your IRS Opinion Letter for the date and serial number)