soosil Posted January 10, 2017 Share Posted January 10, 2017 A Form 5558 for 2016 was filed mistakenly for a plan that had a 2013 final return completed. Will this cause a problem? The plan is terminated. Link to comment Share on other sites More sharing options...
Bird Posted January 10, 2017 Share Posted January 10, 2017 Quote Will this cause a problem? Unlikely. (what are you going to do about it now if someone says "yes"...?) Ed Snyder Link to comment Share on other sites More sharing options...
soosil Posted January 10, 2017 Author Share Posted January 10, 2017 True. Thanks, Bird! Link to comment Share on other sites More sharing options...
soosil Posted January 10, 2017 Author Share Posted January 10, 2017 On a different, topic, we have participants that took distributions in 2015 but we didn't find out about them until late 2016. I am preparing 1099-Rs and have some questions: 1.) Must 2015 distributions go on a 2015 1099-R? or can I put them on a 2016 1099-R and have the form filed by Feb 2017? 2.) I read that 1099-R's need to be filed the year following the distribution. So, does that mean that a distribution made in April of 2015 should have had a 1099-R filed by February of 2016? Link to comment Share on other sites More sharing options...
My 2 cents Posted January 10, 2017 Share Posted January 10, 2017 48 minutes ago, soosil said: On a different, topic, we have participants that took distributions in 2015 but we didn't find out about them until late 2016. I am preparing 1099-Rs and have some questions: 1.) Must 2015 distributions go on a 2015 1099-R? or can I put them on a 2016 1099-R and have the form filed by Feb 2017? 2.) I read that 1099-R's need to be filed the year following the distribution. So, does that mean that a distribution made in April of 2015 should have had a 1099-R filed by February of 2016? Just wondering how it happens that you have the responsibility to issue 1099-Rs but don't have access to information concerning reportable distributions? If the 2015 distributions were in any way taxable, isn't it mandatory that the recipients' 2015 tax filings be amended to correctly show the distributions (with interest and penalties probably due)? Whether to use 2015 1099-Rs or 2016 1099-Rs is the least of anyone's worries! Always check with your actuary first! Link to comment Share on other sites More sharing options...
soosil Posted January 10, 2017 Author Share Posted January 10, 2017 We have the reportable distribution information. The extended deadline to file the 12/31/2015 Form 5500 was October 17, 2016 and the client didn't send in their distribution paperwork for us to complete their annual return until early October. This is when we became aware that a distribution had taken place and we reported the distribution on tax return. That is not the issue or my question but thank you for your 2 cents, or should I say, half-cent. Link to comment Share on other sites More sharing options...
soosil Posted January 10, 2017 Author Share Posted January 10, 2017 Thank you, Bird and 2 Cents, for your input. I do appreciate the help and input I receive from this site. I have since found the answers. Cheers! Link to comment Share on other sites More sharing options...
Mike Preston Posted January 10, 2017 Share Posted January 10, 2017 And what were those answers? Link to comment Share on other sites More sharing options...
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