I had an S-Corp that I closed down in 2013. I didn't realize I needed to file a form 5500-EZ because although the assets in the Self Managed Individual 401K were less than $250,000, you need to file the form if it's the last year of the plan.
I just now got around to moving the funds to a rollover IRA. As far as I was concerned, I was 100% kosher. Usually, you can leave funds in a 401K. I'm somewhat nervous because there is a warning in the instructions for the form that says:
The Internal Revenue Code imposes a penalty of $25 a day (up to $15,000) for not filing returns in connection with pension, profit-sharing, etc., plans by the required due date.
I could do any of the following:
- Back date the form.
- Put the correct dates on form and hope there are no penalites because (as far as I know) I have not failed to pay any taxes or done anything illegal or even "shady".
- Simply not turn in the form. After all, it only came to my attention recently that I needed to fill in the form.
P.S. Note, I originally posted this in https://startups.stackexchange.com/. I couldn't figure out how to link or delete it there. I did do some more searching and see that form 5500 is at least mentioned in this group. If there's a better group to post to, please let me know.