 How do you calculate interest for a 5330?, say it was due about a year ago? Section 6621? |
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 Apr 30 2008, 07:07 PM
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#1
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Registered User Group: Registered Posts: 151 Joined: 12-December 07 Member No.: 25,775  |
How do you calculate interest for a 5330? Say it was due about a year ago?
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May 1 2008, 10:58 AM
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#2
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Registered User Group: Sitewide Moderator Posts: 1,671 Joined: 19-December 00 From: Denver CO Member No.: 5,950 |
DOL calculator is best place to do it.
The rates http://www.dol.gov/ebsa/calculator/a2underpaymentrates.html The calculator http://www.dol.gov/ebsa/calculator/main.html -------------------- JanetM CPA, MBA
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May 1 2008, 06:40 PM
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#3
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Registered User Group: Registered Posts: 151 Joined: 12-December 07 Member No.: 25,775 |
QUOTE (JanetM @ May 1 2008, 11:58 AM)  DOL calculator is best place to do it. The rates http://www.dol.gov/ebsa/calculator/a2underpaymentrates.html The calculator http://www.dol.gov/ebsa/calculator/main.html What do you do if somebody put in too much money instead of too little? In other words, what about a nondeductible contribution? Say they did not catch the fact that they contribution was over the 404 limit till about a year later? How do you figure out that interest? Say they made an excess contribution of $1,000, so that means $100 they should have paid a year ago. How do you calculate the interest on that if they do not pay it till a year later. This post has been edited by Enda80: May 1 2008, 08:43 PM |
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