MelissaYancy

Thank you both. We have an attorney who beleives the tax should be on the entire amount and not just the amount not refunded by the deadline.

In this case there were losses. They were overstated for the intial refund which was processed timely. During audit, an error was found. Now we are beyond the deadline but within the correction period. Would the amount on the 5330, Schedule H, Line 1 be the amount of the late contribution refund or the entire excess contribution?