Schedule H - Liabilities

[fiona1]

Are you allowed to enter negative liabilites on the Schedule H - lines 1)g through 1)j? I wasn't sure if that would result in a DOL notice or not.

[david rigby]

Note that line "L" subtracts line k from line f, so all entries can be without regard to sign.

Or perhaps you mean something else? Does "negative liability"mean an asset?

[fiona1]

Yeah - I guess the question could be rephrased to say "Can you report an asset as a negative liability". Don't ask why - because I don't even know - just wondering if anyone has ever seen it done or know if it can be done.

[david rigby]

Don't know if it can be done, but I would not expect to do it that way. But that would be at the direction of the auditor anyway. If no auditor, get it in writing from plan sponsor/accountant.

[E as in ERISA]

I think I've seen both negative assets and liabilities -- but awhile ago -- not current format.

[fiona1]

Thanks for the help. We use the Relius forms and they won't let you enter negative numbers in the liability section - so I guess they're SOL.