See the Form 5500-EZ Instructions for more information. If you are not subject to the IRS e-filing requirements, however, you may file a Form 5500-EZ on paper with the IRS.

One-participant plans or foreign plans must file the Form 5500-EZ. For information on how to submit an annual registration statement for deferred vested participants, see IRS Retirement Plans Community - Form 5500 Corner.īeginning January 1, 2021, you can file the Form 5500-EZ electronically through EFAST2 you can no longer use the Form 5500-SF to electronically file “one-participant” plan and foreign plan annual returns. Form 8955-SSA, Annual Registration Statements for Deferred Vested Participants must instead be filed directly with the Internal Revenue Service. You cannot submit a Schedule SSA (Annual Registration Statement for Deferred Vested Participants) to EFAST2, even for delinquent or amended filings for plan years prior to 2009. For more information on completing and filing forms electronically through EFAST2, see the EFAST2 FAQs and publications. Filing jointly has many tax benefits, as the IRS and many states effectively double the width of most MFJ brackets when compared to the.

Electronic Filing RequirementĪll Form 5500 Annual Returns/Reports of Employee Benefit Plan and all Form 5500-SF Short Form Annual Returns/Reports of Small Employee Benefit Plan and any required schedules and attachments must be completed and filed electronically using EFAST2-approved third-party software or using IFILE. Married Filing Jointly is the filing type used by taxpayers who are legally married (including common law marriage) and file a combined joint income tax return rather than two individual income tax returns. 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 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. 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. For heads of households, the standard deduction will increase by $150 to $18,800.The U.S. The IRS also announced that the standard deduction for tax year 2021 will increase by $300 to $25,100 for married couples filing jointly, and by $150 to $12,550 for single individuals and married individuals filing separately.

The above rates apply to taxable income, after the standard deduction (or itemized deductions) and other tax breaks have been taken. Your state may have different brackets, no taxes at all or a flat rate. These are the rates and income brackets for federal taxes.

Filing jointly tax tables 2020