I used to file an annual Form 5500 for my company, but in 2016 my company sold all assets and was a one-participant plan with less than $250,000, Do I still need to file a 5500?
If your 401(k) was a single-participant plan with under $250k in assets then you’re probably exempt from filing Form 5500 for that year. Even if you’re required to file for some reason, you may be eligible for an abbreviated filing for that year. If you want more information on single-participant plans – aka Solo 401(k)s – be sure to check out our ultimate guide here: https://fitsmallbusiness.com/individual-solo-401k-rules-contribution-limits/
If you want to know more about setting up a plan specifically as a single-participant plan, you may also want to check out our article on How to Set up a Solo 401(k) here: https://fitsmallbusiness.com/how-to-set-up-a-solo-401k/
Hope this helps!
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