Form 5330 for late deferral deposits

[doombuggy]

Client sent checks to investment carrier for the 1/31/11 pay period on 2/2/11, but they never made it to the carrier. Broker noticed this on 3/7/11 and checks were reissued an deposited on 3/11/11. The latest they should have been deposited was 2/9/11. I have calculated the lost earnings which total $78.45 (used the DOL calculator). I've never filled out a 5330, so I am thinking I need to complete the Sch C section of the form, but what dates and dollar amounts am I supposed to use? the date that the dpoesit should have been made by (2/9) or the date the deposit was actually made (3/11)? The amount of the deposit (each check, as there were 5 checks) or the amount of the lost earnings on each check? My boss has communicated to the client that the excise tax is 10% (I think it is 15%) on the lost earnings. Is that correct?

[ESOP Guy]

It is my understanding the date you use for 2(b) is the date the prohibited transaction starts. So it is the day the deposits are late. The date for 5(d) is the date the whole thing is fixed. So that is often times the date the lost earnings have been deposited into the plan. For some of our clients we won’t find out about a late deposit for 2010 until we are working on the 5500 in 2011. So the correction date would be in 2011 when we have computed the lost earnings and the client has put them into the plan.

The amount show on the return is the lost earnings, not the whole deposit. That is the amount of the PT.