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Questions about filling out Form 5500 EZ for my i401k

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  • Questions about filling out Form 5500 EZ for my i401k

    I spoke to Schwab today, where I hold my i401k, and was told I needed a separate EIN for my i401k and should not use my business EIN when filling out line 2b. Your thoughts? Also, I got two different answers about how to fill out line 3a regarding the plan administrator: when I‘ve spoken to Schwab before I was told I am the plan administrator, Schwab is the custodian of the account; today’s answer, Schwab is the plan administrator. Your thoughts?
    Thanks so much!

  • #2
    Are you a sole proprietor?

    Fidelity told me the same thing, but when I went through the options online, it advised that sole proprietors do not need a separate EIN.


    • #3

      • You should not need a 2nd EIN for your business for the solo-k.

      • Unless Schwab manages the plan, you are the PA, Schwab is the custodian. For example, if you have set up a mega-backdoor Roth and contracted with Schwab to manage the account, Schwab would be the PA. Given the fact that you are filing the 5500-EZ, it appears that you are handling the plan yourself and Schwab is only the custodian for your assets.

      Our passion is protecting clients and others from predatory and ignorant advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087