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NY Form 5500: What You Should Know

Form 5500 Series. Form 5500 is an important reporting and disclosure tool for the Department of Labor, plan participants, beneficiaries, and part of ERICA's  report all assets of the plan on Form 1041 (Form 1041ES) or Form 1042 (Form 1042-EZ) and include in Form 1163, the form 1040. Report all assets on form 1041 by filing Form 6251 and enter the assets in box 1, and all investments on form 1042 by filing Form 6251 and enter the investments in box 4. Form 5500 Filing: Report information about your plan in Form 5500 annually and file as the plan administrator and in  each year file Form 5500-EZ, if applicable. Form 5500 (Annual) — Benefits & Contributions. This is a form filed by the  plan administrator and required by ERICA to show all benefits and contributions that are made for an expense account.  If you are an employee, report as follows: all plan expenses; If you are a plan participant, report as follows on Form 5500: all benefits received from the plan (including the payment of taxes); and If you are an employer, report the full cost of benefits received from the plan on Form 1040.  Your plan must be filed electronically or by certified mail by the plan administrator. The Information To Be Reported In Form 5500-EZ. Your financial records must be in the possession of a person, such as your plan administrator or any other person authorized to handle records (as specified on Form SS‑4). You or your designee must: Have your organization's name listed as the plan sponsor; Record the name of each beneficiary to be paid benefits with a “B” in box 2 of Form 5500. If you pay a beneficiary in installments, record the name of a previous beneficiary (and the date you ceased paying them) in box 2, and number the installments accordingly in order to reflect both the date payments ceased and the date they recommenced; If your organization is electing to make an advance payment, your organization has the right to elect which of two types of advance payments will be made to the recipient of the payment. A designated beneficiary, who has been listed on the Form 5500-EZ as the person who is paying the payment, can choose any type of advance payment.

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