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Form 5500 - Schedule H for New Jersey: What You Should Know

Pension Benefit Plan Payer must provide the plan qualification information to C-R on Form 1040NR if the plan has a total return method. This information is not required if the plan has an accrual method (see discussion of Method 3 and Method 2 in chapter 3). Form 1040NR also provides the plan information that must be filed with IRS in order for a trustee to file the Trust Funds Withdrawal election with a trust. Payer must provide the plan qualifying information to C-R on Form 1040NR if the plan had an initial determination election to be a SIMPLE IRA. The taxpayer cannot elect to be a SIMPLE IRA if the plan has an annualized net investment income (WII) method of accounting, and the plan provides retirement benefits equal to 100% of the taxpayer's average accumulated retirement benefits. See IRM 25_1A.10.1.1, Initial Deterministic IRA Election. Payer must provide the plan qualifying information to C-R on Form 1040NR if the plan had an interest bearing fund method of accounting. The taxpayer cannot elect to be a SIMPLE IRA if the plan contains a qualified employee retirement arrangement (AREA), and the plan does not provide retirement benefits equal to 100% of the taxpayer's average accumulated retirement benefits. See IRM 25_1A.10.1.1, Interest Bearing Fund Method. The employer's Form 1099-MISC must accompany a Form 5500 filed under section 401(a), 408(m), or 457 for the calendar year, or the year before the year of contribution, of the contribution. If a 401(k) plan was established before January 1, 2008, the participant does not need to file a Form 5500 or pay the tax. However, if the 401(k) plan was established after January 1, 2008, a Form 5500 must be filed. In addition to completing the Form 5500, the participant should attach a statement from the IRA custodian and a copy of the participant's prior year Form 1099-R. If a 403(b) plan with a total compensation ceiling and the participant is required to report his or her contributions in installments, make the installments on a calendar year basis. A 401(k) plan that is not a qualified plan of a multiemployer plan of an employer other than the employer filing the Form 5500 must file the Form 5500 for that year.

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