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Massachusetts Form 5500: What You Should Know

Section 3. Types of Plans. 401(k), 403(b), 408(k) plans and profit share plans are designated as employee benefit plans. Section 4. Retirement Age. An individual may participate in a plan that requires that an individual be at least age 50. Sections 5. Special Rules. Section 6. Qualifications. An employee's compensation must consist of only salary and wages, not any other form of compensation. An employee must be able to compute the amount of his or her wages using any standard method. The IRS also has rules that determine retirement age and the amount of an employee's wages (including bonuses and stock options) that may be taken into account on the tax return. Section 8. Plan Files. For plans that have been filed on paper (i.e., no computer access), you may find that the Form 5500 data are not yet available. You will need to contact the sponsor or plan administrator to get access to the Form 5500 data. (See IRS Pub. 334, Tax Guide for Small Employers, for a list of common questions for filing on paper with IRS, along with a list of the forms most commonly used.) Section 9. Miscellaneous. For forms that file electronically (i.e., no paper returns), the Form 5500 data are due three years after filing or, if earlier, the filing date. (See IRS Pub. 334, Tax Guide for Small Employers, for a list of common questions for filing on E-file.) For returns for 2023 and earlier filings, only one copy of each form is due. You can get most of them on line 5 of Form 4868-F. Also, if you are filing a Form 1040X under the Paperwork Reduction Act (or if you do all the following), you are not subject to filing a paper return, and you do not need to file a Form 5500: File electronically. Get Forms 5500, Form 4868, and Form 5498. File a paper form. If filing electronically, use the IRS e-file service. Do the required work. If filing paper, complete the Form 5500, follow the steps provided in the instructions, and then mail the completed form to the address in the instructions. If you received instructions for filing or the Form 5500-EZ due at a later date, see the instructions. If filing paper, file a Form 4868 and a Form 5498 before the expiration of the filing limitation period or six months from the due date.

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