Common questions about Benefit Plan Form 5500-SF in Lacerte

1. Go to Screen 7, One-Participant Plan (5500-EZ/5500-SF).
2. Under the section 5500-SF (Short Form Annual Return), select the box 5500-SF (MANDATORY)(Press F1 for help on generating this return).
3. Fill out the applicable information related to the return in Screen 7.

According to the Form 5500-SF instructions, to be eligible to use the Short Form Annual Return/Report of Small Employee Business Plan, your plan must:

• Be a small plan (For example, it should generally have fewer than 100 participants at the beginning of the plan year),
• Meet the conditions for being exempt from the requirement that the plan's books and records be audited by an independent qualified public accountant (IQPA),
• Have 100% of its assets invested in certain secure investments with a readily determinable fair value,
• Hold no employer securities,
• Not be a multiemployer plan,
• Not be required to file a Form M-1, Report for MultipleEmployer Welfare Arrangements (MEWAs) and Certain Entities Claiming Exception (ECEs) for the plan year.

If the plan is a defined contribution pension plan, then line 11 will be blank.

To verify the plan's characteristics:

1. Go to Screen 6, Employee Benefit Plan (5500).
2. Scroll to the Plan Characteristics section.
3. If you've selected any boxes under Defined Contribution Pension Features, then Lacerte will leave line 11 blank.

The asset and liabilities fields in Screen 7, One-Participant Plan (5500-SF/5500-EZ) are for the Form 5500-EZ only, per the F1 help for Total Plan Assets (input sheet codes 18 and 20).

You must enter the assets and liabilities for a Form 5500-SF in Screen 13, Financial Information (Sch. H, I).