IRS form to notify of 401K closing
I closed my company’s solo (the company is owned by my wife and I) 401K plan this last December and had the funds transferred to a new trustee. It is my understanding that I need to file a form with the IRS notifying them of this change. Can someone please tell me which IRS form this is? I don’t think I’m looking for a Determination Letter am I which is IRS 5310? I was told I just need to inform the IRS that my trustee has changed.
Thanks,
Robert
Permalink Submitted by mk foss on Thu, 2009-02-12 23:12
When a retirement plan terminates a Form 5500 or 5500-EZ must be filed with the IRS. If you have just changed trustees instead of terminating the plan, you would file a 5500-EZ only if your assets exceed the $250,000 filing requirement.
Often the trustee will send you the information needed to complete those forms. The 5500 series is due July 31 of each year.
Permalink Submitted by Robert Taylor on Thu, 2009-02-12 23:49
Thank you. That’s what I needed. Unfortunately, my old trustee was clueless and told me I needed a letter of determination. Thanks for the help. I appreciate it.