Sch I - Part I(3) - Assets listed incorrectly

[Guest SuzieQNEC]

A 401(k) plan will be terminating this year. It has been determined that one item on Schedule I has been filled out incorrectly going back to the year 1997. Specifically, participant loans were listed as Loans (other than to participants). Does this need to be amended for each year going all the way back?

[Bird]

<gasp> I thought there was something wrong with the Western World and now I know what it was! (g) Sorry...

Um, I wouldn't bother. If it hasn't attracted anyone's attention by now, I don't think it will later. It just goes to show the extent to which a lot of our reporting is just "numbers on a piece of paper."

[Lori Friedman]

Ditto for Bird's comments (including the <gasp>). I don't amend Form 5500 unless there's a significant, material change.

[Lori Friedman]

An afterthought...

The Dept. of Labor doesn't seem to understand the directions for filing an amended Form 5500.

The form's instructions say, "Attach any schedules or attachments that are being changed from the prior filing. Do not attach schedules and attachments that are not being changed. Do not attach schedules where only attachments are being amended. Only identify schedules that are being amended on line 10 of Form 5500."

It all seems clear and simple. Yet, on the rare occasions that I do file an amended Form 5500, I always get a Dept. of Labor notice stating that the return is incomplete, and that I haven't checked all of the required boxes on Line 10! Then, I write the inevitable response letter, explaining the rules to the very people who should know them.

This probably happens because Form 5500 is now sent directly to the Dept. of Labor, but the IRS continues to write the form's instructions.

That's my rant for today. I'm feeling much better now, thank you.

[Guest SuzieQNEC]

Glad to have provided a forum for you to let it out so that you feel better. Thank you for the replies.