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Form 5558 MS: What You Should Know

All Forms 5990-G, 5990-S, 5514 and 5520-EZ are filed electronically with DOL and the IRS. You must file Form 5498 (Certified Statement Of Earnings) electronically with DOL if you're an eligible individual who made contributions to a non-qualified IRA, SEP-IRA or SIMPLE IRA plan, and you must file Form W-2 for the employer if you're a company. If you or any person you elect as fiduciary has a vested interest in the plan, you must file Form 988-EZ for each year you have a vested interest or 5,000 in this case. All Forms 5990-G, 5990-S, 5514 and 5520-EZ and Form 988-EZ must be filed electronically. Form W-2: Form W-2 if any of the following apply: You are age 60 years or older than of the filing date; Your gross income is 100,000 or more and the gross income of all your elective deferrals and your non-qualified retirement plans combined is 10,000,000 or more; or You are age 65 and older than of the filing date and your employer has paid you at least 30% of the cost of your health insurance premiums or has paid at least 50% of the cost of your self-only coverage through an employee welfare benefit plan or has paid at least 60% of the cost of your spouse's coverage through an employee welfare benefit plan. Forms W-2 must be filed electronically. D-Corporation Exemption: There is a certain exemption of D-corporations and limited partnerships from paying Social Insurance Contributions Part (I.R.C.) if the amount of the deduction is 30,000 in excess of the deduction amount for the year. If you have more than one plan as a D-corporation, a limited partnership or a corporation with more than 100 employees, you can only deduct the contributions to your own, separate plan or the plan of your spouse. If you do, you can only deduct half of the amount that he/she contributed (20,000). So if your spouse's contribution is 20,000, you will make a 20,000 deduction for himself/her. But if you have an eligible individual, you could deduct 100% of the amount he/she contributed.

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