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Who needs 5558 Form: What You Should Know

You can't file Form 5558 if you did not file a prior form.  Form 5558: Everything You Need to Know — Counsel Form 5558 forms can be sent to the same address on paper.  Form 5558 is a very important document which is used by some employers to request a one-time extension. If you have any questions about Form 5558, don't hesitate to contact the Form 5558 Support Team at the IRS in Washington, D.C. at for assistance. Top Tips for Making a Tax-Favorable Election in Form 5558 for an In-House Employee Plan 27 May 2024 — A Form 5558 can be filed for your in-house employee plan to request that you make an election to file a return with simplified individual or joint filers rather than your own tax return. For example, an in-house plan might operate with 10 employees and have 10 employees on the current return. The plan is taxed under the general rules for S corporations and for partnerships. For more information, read Form 5558: In-House Employer's Election to Report With Simplified Individual and Joint Filing Status. If you use Form 5558 for this election, use Form 2957, Application for Election to File With Simplified Individual or Joint Filing Status, to claim the cost of Form 5658, Simplified Election to File an In-House Section 1045 With an In-House Plan, as additional income. (See How Do You File an In-House Section 1045 With a Section 1045 Election?) The election will be made regardless of whether you are an “other qualifying employee.” Top Tips for Using Simplified Election to File an In-House Employee Plan with Form 5658 7 May 2024 — The election to file a return under simplified individual or joint filing status will have the same effect as filing a return with your own tax return. If you use Form 5938, Simplified Election to File Under Other Filing Status, for this election, use Form 5458, Election to File under Other Filing Status, as additional income.

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