When to file 5500?

[Guest rachd]

I have recently been put in charge of filing the 5500's for our clients and need clarification on a couple of things. I appreciate any help you can provide!

First, when a plan terminates and all money is distributed, when does the final 5500 need to be filed? Does the clock start ticking from the day the last dollar was distributed or do you have until the end of the regular plan year?

My second question depends somewhat on the answer to the first (if it the 5500 needs to be filed based on the date the last dollar left the plan), what do I do about our software for printing 5500's not being released until February-March? For example, the plans funds are out be May 1- the 5500 should be filed within 7 1/2 months- so by December 15th. Do I file a 2001 5500 and cross out and put 2002 or how should I do this?

Thanks in advance for you insight.

Rachel

[Archimage]

The last 5500 is due 7 months after the final distribution. With your situation about the new forms, I have always used the previous year and hard-coded my plan year in the spot where it allows you to put a beginning and ending date.

[JanetM]

The clock starts running when the assets are zero. If the form for the proper year is not available you can use the most current available. Keep in mind if the questions on the form change the PWBA can ask you to refile when the proper form is available.

One way to avoid the trouble of this is to time the distribution of assets and use the 2.5 month extension to ensure the forms are available.

[wmyer]

Note that the rule is SEVEN months after the end of the month, not 7 1/2 months after the date the last dollar is removed. If the plan is zeroed out in May, 2003, the 5500 filing deadline will be 12/31/2003, regardless of whether the plan is zeroed on May 1 or May 30.

[k man]

i have a similar question with regard to the form. we have the same problem in our office. we do not have the new software release. anyone know what to do? can you define "hard coded"?