FORM 5330 - LATE DEFERRALS

[ERISA13]

A plan sponsor of a 401K plan was late contributing the employee's deferrals basically on every payroll date in 2009. The first contributions for the year was not sent in until April 2009 and then around August contributions stopped all together. All the missed deferral contributions was caught up in May 2010. The lost earnings have been calculated and will be made this week.

My question is how to show this on the 5330. On Sch C of the 5330. Is the "date of transaction" the 7th day after each pay date since they were all sent late? If I have to list each date is attaching a copy of the VFCP Calculator printout acceptable since there is not enough room on the form?

Since the restoration of loss earnings will not be made until this week (7/2010) will I include that date any where on the 5330?

I guess I've been lucky and haven't had to file a 5330 before so it's new to me. I really appreciate any guidance on this. Thanks!

[EBDI]

I agree that the date of the transaction is the due date. I put the deposit date in part V of the 5330 under "date of correction". When I have more late deposits then the number of spaces on the form, I attach an excel spreadsheet in the same format as part IV and V with the client name, plan name, EIN etc. at the top of the attachment. Be sure to answer questions 25a and 26.

[EBDI]

Let me amend my answer. I was looking at an older version of 5330. I should have said answer questions number 1 and 4 on page 4. Enter the date of correction in section 5, page 5.

[TPApril]

somewhat related - S corp - owner deposits 401k contributions late. When reporting on 5500SF, would you include the owners own 401k amounts? In general, would any correction be applied to his amounts as well?

[rcline46]

Note again - you will need a 5330 for EACH year, and the 5330 calcs are different. they are calculated as under loan transactions.