ER Doc Advisor - Financial Planning & Taxes for Emergency Physicians

EP 195: Important Form 5500 Deadline Approaching July 31st!

The majority of ER docs will earn contractor pay at some point in their career, which opens the door to new types of retirement accounts. One highly praised type is the individual 401(k). With all the great potential it brings, it also comes with additional responsibilities that can easily be overlooked if not careful, especially when considering the sheer number of tax deadlines and responsibilities an ER doc has.

On today’s episode, we’ll discuss the upcoming Form 5500 deadline, go over the scary consequences of not filing it, and conclude with what can be done if you realize you haven’t filed in the past when you were liable to.

Topics Discussed:   

  • The advantages and disadvantages of the individual 401k.
  • Responsibilities that come along with having an individual 401k.
  • What Form 5500 is and when it’s due.
  • The fines involved when Form 5500 is not turned in on time.
  • Where to look and how to find out if you need to submit a 5500.
  • What to do if you're not sure if you owe this year or if you owe for previous years.

Resources Mentioned:


retirement accounts, retirement savings, retirement taxes, 401k, Form 5500, tax deadlines, contributions, financial planner, emergency medicine, ER docs, emergency doctors