Master Trust

[justbsur]

I have a client with a Master Trust that was dissolved as of 8/31/07. The plan year was a calendar year, and they filed their 1/1/06 - 12/31/06 5500 on time. What is their filing deadline for their 2007 5500?

1. The 5500 instructions indicate that the filing deadline is within 9 1/2 months of the end of the plan year. Would their plan year be 1/1/07 - 8/31/07, making their 9 1/2 month deadline June 15, 2008? Or would their plan year be 1/1/07 - 12/31/07, making their 9 1/2 month deadline October 15, 2008?

2. The 5500 instructions indicate that, for short plan years, the filing deadline is the end of the 7th month following the end of the short plan year. The instructions don't seem to differentiate between Master Trust and other filings for this purpose. This would make their filing deadline 3/31/08!!

Also, could you please confirm that Master Trusts are not allowed to file for an extension of their filing deadline?

[JanetM]

If the trust assets were distributed to individual plans as of 8/31/07 then the filing is due 7 months later on March 31. You can get automatic 2.5 month extension to June 15 if you file 5558. If the assets were gone by 8/31 you can't say your year ended 12/31. If you still had assets you can use the date the last assets tranferred out.

I file 5558 for my MT filings.