5330 Questions/Verification

[Guest LVanSteeter]

Form 5330 questions/verification of understanding:

1-A small plan (Schedule I) with late employer contributions is required to file a Form 5330 but not Schedule G

2-Form 5330, Section VII requires that the amount involved in the transaction be input ($50,000.00) and Relius automatically calculates a penalty of $7,000.00. Is this correct? Prior threads have discussed the penalty appling to interest on the late contribution amount. Can anyone site a clear resource for either?

3-Plan files on an accural basis. Late contributions are for 2001, due 1/15 but not sent until 1/18. Therefore, the 2001 filing needs the 5330 (and Schedule G, if a large plan).

Thanks!

Laura