Schedule C Expenses - Pension and Profit Sharing

Article ID: 58934  

Schedule C Expenses - Pension and Profit Sharing


Contributions to a pension, profit-sharing, or annuity plan, or plans for the benefit of your employees are pension and profit sharing expenses. If the plan included you as a self-employed person, enter contributions made as an employer on your behalf on Form 1040, not on Schedule C.

Generally, you must file the applicable form listed below if you maintain a pension, profit-sharing, or other funded-deferred compensation plan. The filing requirement is not affected by whether or not the plan qualified under the Internal Revenue Code, or whether or not you claim a deduction for the current tax year. There is a penalty for failure to timely file these forms.


Form 5500-EZ: File this form if you have a one-participant retirement plan that meets certain requirements.  A one-participant plan is a plan that covers only you (or you and your spouse).

Form 5500-SF: File this form if you have a small plan (fewer than 100 participants in most cases) that meets certain requirements.

For details, see IRS Publication 560.

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