amended return

[pmacduff]

A 5500-SF was filed timely on October 12th, 2012 with approved 5558 extension for a calendar year plan.

It has now come to light that the Participant contribution amount and subsequently the EOY asset information is overstated by approx. $22,000. (assumption was made that the owner made the max 401(k) when in fact, did not make any contribs).

I can't seem to find info in the 5500 instructions on the EBSA site but recall in the "old" days that an amended return still had to be filed by the original due date plus extension (i.e. October 15th). Since that date has passed do we wait and correct when the 2012 SF is filed or is it necessary to file an amended 2011 SF now? If we do file an amended now would there be penalties involved?

I should know this and shame on me for not but I haven't had to amend a return after the final filing deadline in many years (if I have ever had to do so!).

Thanks in advance.

[david rigby]

You can find the instructions for 5500-SF here: http://www.dol.gov/ebsa/5500main.html#2011

Open the instructions, and search for the word "amend".

[pmacduff]

Thank you but I have already read through these instructions. Nothing there specifically states the due date for an amended return; just that "the amended return must conform to the instructions".

Now I suppose that could be interpreted to mean that the filing deadline for the amended return must also be October 15th (in this instance) in order to "conform to the intructions".

That's the same verbage I found in many of the past years instructions that I have in *pdf files.

I was looking for something alittle more concrete.

[BG5150]

You can amend at any time after the first filing (for the year) is made.

[pmacduff]

thank you BG5150....any cites?

[Tom Poje]

this may sound silly, but if you had to amend a 5500 by the actual filing deadline, then it would be impossible to file an amended return for a prior year. but the instructions indicate you can file an amended return for a prior year.

this is slighty different than, say filing a form 5500 and not including an attachment (which would be incomplete), and later filing an amended form including an attachment (trying to 'bend' the rules)

A few years ago with a 403b we filed the form with an attachment indicating the auditor's report was not read and indicating Q XX of the Q and As indicating this was permissible, and the client was aware there could be penalties. We received a letter indicating a new deadline for completeing the filing (it was the first year for the 403b as we pointed out as one of the reasons for the delay.

[pmacduff]

Thanks Tom. I knew that amended filings could be filed anytime, I guess I was more concerned if there were any penalities involved if there was some type of filing deadline.

[pmacduff]

ok everyone - FYI - I sent this question in to the EBSA and here is my question and the response:

-----Original Message-----

Is there a filing deadline for an amended return? This would be a 2011 filing that was filed timely but now needs a minor correction.

Response:

Hello,

Thank you for your inquiry.

In reference to your inquiry regarding amending a 2011 return, page 6 of the 2011 Form 5500 instructions states:

"File an amended return/report to correct errors and/or omissions in a previously filed annual return/report for the 2011 plan year. The amended Form 5500 and any amended schedules and/or attachments must conform to the requirements in these instructions. See the DOL website at www.efast.dol.gov for information on filing amended returns/reports for prior years."

There is not a timeframe referenced in this instruction.

If you have further questions, please call 866-463-3278.

EFAST2 Contact Center

866-463-3278

efast2@efast.dol.gov

[Guest quinreitz]

Thanks for the info.appreciate it.