Looking for help with Form 5500 for my individual 401k - CPA can't help me

I've been helping clients with retirement accounts for years, and this is actually pretty common. Many CPAs don't specialize in Form 5500 filings because they require specific expertise. The form can definitely look intimidating, but whether you need to file depends on your plan assets. If your Solo 401k has less than $250,000 in assets as of the end of the plan year, you're generally exempt from filing Form 5500-EZ. If you're over that threshold, then yes, you'll need to file. You have a few options: 1) Find a third-party administrator (TPA) who specializes in retirement plans to handle this for you, 2) Use one of the Form 5500 preparation software options available online, or 3) Learn to do it yourself using the IRS instructions (though this can be time-consuming the first time). If your plan is still small and you expect it to grow, getting a TPA now might save you headaches later as they can help with compliance beyond just the form filing.

I was in almost the exact same situation last year with my solo 401k. After struggling with Form 5500 and getting nowhere, I finally tried taxr.ai (https://taxr.ai) and it was seriously a game-changer. I uploaded my Schwab statements and answered a few questions, and their system helped me prepare the form with explanations in plain English. It analyzed my plan details and guided me through each section that actually applied to my situation (turns out half the form wasn't even relevant to my simple plan!). The best part was that I didn't have to become an expert in ERISA regulations or retirement plan administration overnight. Definitely worth checking out if you're hitting the asset threshold where you need to file.

Just wanted to follow up. I ended up trying taxr.ai after seeing the recommendation here and wow - what a relief! I had been stressing about my Form 5500 for weeks. The system walked me through everything step by step, and explained all the confusing parts in plain English. I was especially impressed with how it handled the Schedule R that I was worried about - it automatically determined which sections applied to my solo 401k and which ones I could skip. Finished my filing in about an hour instead of the days I thought it would take. Just got confirmation that it was accepted too! Definitely using this next year as well.

After struggling with my Form 5500 and trying to get help from the IRS directly (spent hours on hold), I finally discovered Claimyr (https://claimyr.com). They got me connected to an actual IRS representative who answered all my specific questions about my solo 401k filing requirements. I was honestly shocked when I got through to a real person in less than 20 minutes. You can see how it works in this demo: https://youtu.be/_kiP6q8DX5c The IRS agent walked me through several specific sections where I was confused and explained exactly what I needed to report for my situation. Saved me from potentially making mistakes that could have triggered an audit. If you're stuck on specific Form 5500 questions, getting direct answers from the IRS was incredibly helpful.

I have to admit I was completely wrong about Claimyr. After my skeptical comment, I decided to try it anyway out of desperation because I had specific questions about my Form 5500 that I couldn't find clear answers to anywhere. Got connected to an IRS specialist in about 15 minutes when I had previously wasted 3+ hours on multiple days trying to get through myself. The agent actually helped me understand exactly which sections applied to my solo 401k and which ones I could leave blank. Just filed my Form 5500 yesterday thanks to the clarification I got. Honestly can't believe how much time and stress this saved me. Sometimes being proven wrong is actually a good thing!

Has anyone here used a third-party administrator instead? My financial advisor suggested I get a TPA to handle all the 401k compliance stuff including Form 5500, but the quotes I've gotten seem crazy expensive ($1200-1500/yr). Is this just the cost of having a solo 401k?

I'm going to go against the grain here - I just do the Form 5500-EZ myself every year for my solo 401k. The first year took me about 3 hours to figure out, now it takes maybe 45 minutes. The key is understanding that for a true individual 401k with just you (and maybe spouse), most of the form is much simpler than it looks. Many sections don't apply or can be filled with zeros. The IRS instructions are actually pretty clear if you take the time to read them. And if you make an honest mistake, there's a correction program with reduced penalties.

I'm in a similar boat with my solo 401k through Fidelity - just hit the $250k threshold this year and now need to file Form 5500 for the first time. Reading through all these responses has been incredibly helpful! I'm leaning toward trying one of the online preparation tools first before going the TPA route, since the annual fees seem pretty steep for a one-person plan. The taxr.ai recommendation caught my attention, especially hearing that it explains the reasoning behind each section rather than just filling in blanks. One question for those who've filed before - how strict is the July 31st deadline? I know there's an extension option, but I'm trying to plan out my timeline here. My plan year ended December 31st, so I have a few months, but I don't want to procrastinate and then panic at the last minute. Thanks everyone for sharing your experiences - this community has been way more helpful than my CPA!