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Coral Springs Florida Form 5558: What You Should Know

This form is required to be filed with IRS within the time frame stated. How to file Form 5558. (Rev. September 2018) If your plan has been established by a State or political subdivision within a State, you must complete the IRS Form 5562-EZ as well. The IRS form is for plans that are maintained by an individual or a group. Form 5562-EZ gives a limited exemption to the tax exemption amount for IRA benefits that is equal to or greater, then, and that is lower than, the tax exemption amount for salary, wages, tips and other compensation paid to an executive or administrative employee of the plan. This means that the plan is not required to file Form 5562-EZ if your plan exceeds 50,000 in taxable compensation. Your employer may claim a credit against the employment taxes paid to the IRS if your plan meets these conditions. Please click on for more information. The information in the form should be used as a guide only. Please contact me or the firm in Coral Springs if you have any questions. If your plan has an optional participant distribution, you should obtain Form 945.00 to have this tax statement sent to you as soon as possible. What it does What does it not say This form is for income eligible plans. It does not include the distributions that are paid in cash. There should be no tax deduction on Form 1099-INT. It is the employer that must provide it to you. Why do we need this report? It is very important to understand how your employer is handling your salary and whether you will use your plan money to pay for housing and other expenses in a taxable manner. If your employer has paid a substantial amount of its compensation in cash, you will be able to claim a deduction that is equal to or greater than the amount that is paid in cash in your case. The deduction depends on the nature of your plan (income-contingent vs. non-income-contingent) and whether the employer is paying contributions and/or the portion of the compensation you received that is taxed as fringe benefits before the plan is sold. The IRS does have limits on the deduction, however.

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