emmetttrudy Posted September 14, 2009 Posted September 14, 2009 A plan sponsor failed to make their $97k minimum required contribution for the 2007 Plan Year. Up until 2007 we had been doing end of year valuations. We switched to a 1/1/2008 valuation date for 2008 and the plan was frozen effective 1/1/2008. We filed a Form 5330 for 2007. However, my question is do they need to file another Form 5330 for 2008 if he makes no contribution for 2008 either? Does he need to keep filing Form 5330's until the 2007 MRS is contributed in full?
AndyH Posted September 14, 2009 Posted September 14, 2009 Yes, why would you think otherwise? And the sponsor is lucky he hasn't been hit with a 100% tax yet.
emmetttrudy Posted September 14, 2009 Author Posted September 14, 2009 What if he contributed the 2007 contribution and any 2008 required contribution by the 9/15 deadline. Then would a Form 5330 need to be filed?
AndyH Posted September 14, 2009 Posted September 14, 2009 If 2007 has been corrected (with interest) by 9/15/2009 then you have no 5330 due 9/15/09 for 2007 as I understand it And if 2008 has been funded by 9/15/09 then there is no deficiency for 2008. Therefore no 5330 is required on 9/15/09. Anybody disagree?
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