Coleboy1 Posted March 28, 2022 Share Posted March 28, 2022 I am currently working on a Sched. H in which my predecessor had reported a figure in Part 1 Line 10 for the past few years. The accounts in question are really pooled separate accounts. My predecessor included a Sched. A that was blank for each of the prior years. Trust and Insurance were also checked off for the funding arrangement but no assets are with an insurance company. My question is if I "move" the value that shown at the beginning of the year to where it should be ( registered investment accounts), will that raise a red flag? If I leave it where it was and make the ending balance zero, FTW is looking for a Sched. A still. The ending balances would still be the same. Or do the prior years need to be amended? Any help would be appreciated. Link to comment Share on other sites More sharing options...
Dare Johnson Posted March 28, 2022 Share Posted March 28, 2022 Prior years should be amended to report the assets on the correct line, remove Sch A and correct the plan funding arrangement. Circular 230a requires you to advise the plan sponsor of an error and the plan sponsor signed the Form 5500 stating it was true, correct and complete. Luke Bailey 1 Link to comment Share on other sites More sharing options...
Bug on my window Posted March 28, 2022 Share Posted March 28, 2022 I'm not sure I follow. A pooled separate account is a direct filing entity sponsored by an insurance carrier. As a result I would expect a Schedule A for a PSA, as well as an entry on the Schedule D. Here's some reading I found through Mr. Google https://www.sapling.com/4709056/what-direct-filing-entity The above is my opinion only, not anyone else's. I'm not a lawyer nor do I play one on TV. Link to comment Share on other sites More sharing options...
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