Do not include SEP contributions on employees’ Form W-2, but check the "Retirement Plan" box in box 13. For more information, see the instructions for Forms W-2 and W-3. There are usually no other reporting requirements for employers to the IRS or DOL for this type of plan.

Employers generally do not file an annual return on Form 5500, Annual Return/Report of Employee Benefit Plan for SEP plans.

Forms Filed by Financial Institutions for SEP Plans

Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. is given to both the IRS and recipients of distributions from the plan during the year and is used to report distributions (including rollovers) from a retirement plan. Form 1099-R is filed by the institution making the distribution.

The financial institution also files a Form 5498, IRA Contribution Information with the IRS to report the amount of contributions made to each employee’s SEP-IRA account.