Your company’s administrator page includes a calculator to provide you with the number of participants (average lives) to report.
From the blue menu bar near the top of your page, hover your cursor over the Reports Tab, and select IRS Reporting Tools.
Towards the bottom of the IRS Reporting Tools page, you will see a section labeled Counting Method and Date Range. To use the calculator -
- Keep Method as Actual Count
- Date Range will be the plan year ending in 2021. (For most plans, the date range will be 01/1/2021 - 12/31/2021)
- Select Run Report
After selecting Run Report, a table labeled Detailed Counting Report will appear below the calculator. The number to report on Form 720 is the Total Participants (first row). This number should be rounded to the nearest whole number when reported on Form 720.