Guest beachday Posted September 26, 2002 Posted September 26, 2002 It has come to our attention that we have been filing a 401 (k)client's Schedule P of their Form5500 with the incorrect Trustee for the past 4 years. Any thoughts as to whether we need to send amended Schdule Ps for these years?
Guest stryan Posted September 27, 2002 Posted September 27, 2002 I don't believe Schedule P's can be amended. As I have understood it, they can only be filed by attaching to the original 5500 filing. When you think about it, there really shouldn't be much demand for revisions. How many chances should one need to figure out who the trustees are?
Mike Preston Posted September 28, 2002 Posted September 28, 2002 There is no prohibition on filing an amended return with an alternate Schedule P. However, since the purpose of the Schedule P is to start the statute of limitations, filing multiple amended returns may be less than productive.
AndyH Posted September 28, 2002 Posted September 28, 2002 Yeah, spend the time it would have taken you at the beach.
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