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Do I have any recordkeeping or reporting obligations with Single(k)?

With Single(k) you are responsible for keeping track of money going in and out of your 401(k) plan to ensure that limits are not exceeded and for government reporting purposes. You are also responsible for any government reporting (Form 1099-R and Form 5500EZ).

We can help you with your reporting (for a $195 fee) or your personal accountant can assist you.

Here is what you need to keep track of:

All contributions into the plan, whether they are individual contributions (pre-tax or after-tax), rollovers into the plan, or profit-sharing contributions.

Withdrawals from the 401(k) plan (excluding loans) must be reported on the Form 1099-R and sent to the IRS. The Form 1099-R is not required if you take a loan. Your brokerage account firm may be able to file the Form 1099-R on your behalf.

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