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Found 9 results

  1. Due to clerical error we had several late deposits for an employee in 2022 and 2023. I'm trying to fill out the form 5330 but i'm extremely confused on how to handle Schedule C Line 2. If there were multiple late deposits do I do one line per late deposit/missed earning amount or can I do a total? For the deposits from 2022 that weren't paid until 2023 do I need to put those on the form twice, or do I need fill out the form and submit it twice with those numbers? I'm the one who made the errors and am trying to avoid the $1200 fee associated with our ERISA people filling out the form on our behalf. I appreciate any help I can get as our accountant nor our plan consultant has been any help. For what it's worth the excise tax amount on the missed earnings is $17.66.
  2. Audited 401(k) - auditors found missed deposit of deferrals. TPA is calculating lost earnings, and plan sponsor will deposit missed deferrals plus lost earnings. Client will file Form 5330. But - when Form 5558 was prepared and filed, the problem had not been discovered so the 5330 was not extended. Will the Form 5330 be rejected?
  3. If a late deposit of elective deferrals is corrected under VFCP, the employer qualifies for PTE 2002-51 (as amended), and the 15% § 4975©(2) excise tax is waived. It seems like there is no need to file Form 5330 at this point, but I'm getting pushback on that decision. If there is no excise tax, why go to the trouble and expense of filing the 5330? Thanks for any wisdom. Cheers.
  4. Situation: $4,000 payroll from April 1 2019, not deposited until January 10, 2020. Plan year is calendar year, so it requires 2019 and 2020 Form 5330 fillings. Calculated interest: 2019 $310 2020 $34 4975(a) First Tier Excise Tax calculation (entered on Form 5330 line 3a): 2019: $310x15% = $46.50 2020: ($310+$34) x 15% = $51.60. Calculation from Exhibit 4.72.11-6 on https://www.irs.gov/irm/part4/irm_04-072-011#idm139654188128704 4975(b) Second Tier Excise Tax calculation (entered on Form 5330 line 3b? 2019 None 2020: A: 100% of the 2019 Amount of prohibited transaction reported on 2019 filling $310 B: 100% of the 2019 amount of total prohibited transaction $4,000 + applicable Interest $310: for the total of $4,310? Which would make total excise tax due with 2020 filling of either ($310 + $51.60) = $361.60 or ($4,310+$51.60) = $4,361.60? Thanks for your help!
  5. Hi to All, I have been asked to query the group as to whether you fill in the "paid preparer" section of the Form 5330, whether you maintain a PTIN for this purpose, and whether you use the PTIN for any other purpose. We very seldom prepare this form and every time, these questions come up. Your advice is appreciated in advance.
  6. For a calendar year plan ADP excess contributions were identified after 3/15, however, when the excess was attempted to be cut it was discovered that the participant had already taken a full distribution of assets due to termination. Please note: this situation is a single Adopting Employer within a Multiple Employer Plan. The question is...what is the appropriate recourse particular to the Form 5330 reporting? Do you report the excise tax amount that would have otherwise been distributed if the assets had not already been moved out of the plan? Something else? Thank you in advance for any comments.
  7. 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?
  8. Guest

    Completing the Form 5330

    I need a bit of help with completing the Form 5330 regarding late deferrals. We have a plan we've taken over a plan where the auditors have determined that several payrolls (going back to 2008 ) were late. The Form 5330 was not done for the prior years so we are trying to catchup. I have calculated the missing earnings on the applicable payrolls however I need a bit of help correctly reporting this information on the Form 5330. Here are some of the applicable payrolls. The DOL VFCP calculator was used to calculate the lost earnings and interest. Loss Date Recovery Date Final Payment Date Amount Due 10/28/2008 1/29/2009 9/30/2011 346.26 1/6/2010 1/21/2010 9/30/2011 40.20 2/24/2011 3/3/2011 9/23/2012 23.79 My 1st thought is that I will need to do a Form 5330 for each tax year (2008, 2009, 2010, 2011, 2012) and report the amount involved each tax year until it is corrected. Meaning that the 10/28/2008 loss of 346.26 would be reported on the 2008, 2009, 2010, and 2011 tax form? If this is the case then they would pay the 15% penalty for each year until the loss is corrected? Or do I report is once, and then report on Form 5330 Schedule C #5 in the appropriate tax year when it is corrected? I hope this was clear. Let me know if I need to explain further.
  9. We have been using the DOL calculator without filing VFCP. If you do not file VFCP it seems to be unclear what performance should be used. Does highest performing fund need to be used or can the overall plan return be used? It seems like there are stories of DOL auditors upon auditing using highest performing fund? If you use plan return is there the possibility upon audit that would be changed to highest fund return? In 2012 a health care funds for example returned over 30%. This year returns are very good too. Has anyone had any bad experiences with the DOL doing a VFCP? It seems fairly straightforward. Do you prepare for you clients? Time commitment does not seem that bad although a few of the narrative questions (#4 & #5) seem a bit too much. Is everyone in agreement that if you self-correct, the DOL calculator can be used as the basis for the 5330 excise tax? Thanks!
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