5500 SF and late filings

[Dazednconfused]

For 2010, many of the plan's deferral contribuitons were late, I reported amounts on 10a on short form. The contributions have all been funded as well as the late earnings and 5330 filed. Do I need to attach anything (schedule of delinquent payments) with the SF form that shows payments made and when? I don't think I do I just have to have everything in order if/when DOL letter comes. Thanks,

[Tom Poje]

I'd agree, at this point in time, there is no attachment for the SF (aside from the SB if its a DB)

but as you pointed out, it is probably a good idea to fill out a schedule of delinquent payments and have it on hand so you aren't trying to re-create things at a future date.

[TPApril]

on the theme of late 401(k) deposits as reported on SF, instructions say:

The total amount of the delinquent contributions must be included on line 10a for the year in which the contributions were delinquent and must be carried over and reported again on line 10a for each subsequent year

until the year after

the violation has been fully corrected by payment of the late contributions and reimbursement of the plan for lost earnings or profits.

my mind is not focusing correctly on what this means, in particular, if you include corrected amounts in the year after or not.

does this example make sense:

2009: late deferrals totalled $1000, $500 of which were corrected by 12/31/09 => 2009 5500SF 10(a) reports $1000

2010: late deferrals totalled $1,200, $600 of which were corrected by 12/31/10. Remaining $500 from 2009 were corrected by 12/31/10.

=> 2010 5500SF reported amount calculated as follows: 2009: first $500 was corrected in 2009, this is the year after so not included, second $500 was not corrected until 2010 so it is included. 2010: total reported of $1,700.

[ESOP Guy]

TPApril

I would agree with your numbers.

As an aside remember it is fully corrected. Around here since we often times don't know about the late deposits for 2010 until 2011 no earnings correction is made until 2011. And fully corrected means not just def deposited but earnings also. So with our clients it seems like a number is reported for a min of two years.