IRS Form 5500-EZ is required for one-participant plans that have a balance over $250,000. 

As noted, one-participant plans with assets of $250,000 or less as of the close of the plan year do not have to file a return for that year. For example, a calendar year plan with assets of $265,000 on Dec. 31, 2021 had a 2021 filing requirement, but if the same plan’s assets were $240,000 on Dec. 31, 2022, no filing is required for 2022.  

The U.S. Department of Labor, Internal Revenue Service, and the Pension Benefit Guaranty Corporation jointly developed the Form 5500 Series so employee benefit plans could utilize the Form 5500 Series forms to satisfy annual reporting requirements under Title I and Title IV of ERISA and under the Internal Revenue Code.

The Form 5500 Series is an important compliance, research, and disclosure tool for the Department of Labor, a disclosure document for plan participants and beneficiaries, and a source of information and data for use by other Federal agencies, Congress, and the private sector in assessing employee benefit, tax, and economic trends and policies. The Form 5500 Series is part of ERISA's overall reporting and disclosure framework, which is intended to assure that employee benefit plans are operated and managed in accordance with certain prescribed standards and that participants and beneficiaries, as well as regulators, are provided or have access to sufficient information to protect the rights and benefits of participants and beneficiaries under employee benefit plans.

The Keogh plan administrator or employer must file an annual return by the last day of the seventh month following the end of the plan year (July 31 for calendar year plans). Plans can easily obtain a 2-1/2 month extension by filing Form 5558, Application of Extension of Time to File Certain Employee Plan Returns. One participant SEP is not required to report under this requirement. Generally, self-employed plans will file a 5500-EZ.

Mandatory Electronic Filing of Form 5500 Annual Return/Reports (but not 5500-EZ) - Under the Department of Labor’s Final Rule on Annual Reporting and Disclosure, Form 5500 Annual Returns/Reports must be filed electronically. The all-electronic EFAST2 system allows the public to submit and access filings online at www.efast.dol.gov.

Filers and preparers can register for an account, complete the required forms and schedules online (in multiple sessions), print a copy for their records and submit it at no cost.