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Form 5500 MS: What You Should Know
The Form 5500 provides information about an employer's plan, such as the type of plan and beneficiaries, the plan year, information about benefits and contributions, and the year the plan was implemented. Benefits paid under the plan are reported under Form 5500-A (The Employer's Guide to Form 5500-A) (see below). Also, Form 5500-E is a summary of the Form 5500. You should only use the Form 5500-E. The form is mandatory, you should use it and should have it on your business account file. It is your last option to obtain a copy of your company's tax return for the previous year. There is one Form 5500 for you to keep on file, and one if you use the other for a later year. If you use the other Form 5500 for the current year, the form will be sent to the IRS with the Form 1120-ES. Form 5500-A (Employer's Guide to Form 5500-A) (File #:) The Form 5500-A is required if your plan was in effect for the 2023 tax year, and all participants are either current and active or retired, and have at least one dependent child who is a dependent child of one of the participants. To make sure that you comply with the law, use this form as soon as possible after you know that you have employees. Form 5500-E (Summary of the form) (Form Filing #:) The Form 5500-E is for the IRS to prepare. It is a summary of the Form 5500. There is one for each year, and one for any earlier years for which there was an amended return from an earlier year. The summary contains important details about the employee's benefit amounts, and other important information. This form are also available from your financial institution, or you can get them from us or the IRS.
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