Correcting prior errors?

[Guest Dick Boever]

If an employer filed the first Form 5500 for their Section 125 plan and used plan #999 or 001 instead of 501, should I try and correct the error or just let it go? Since the plans are tracked by EIN and plan number, I am afraid any attempt to get IRS to correct the number will just cause an additional plan to be created without removing the wrong number. Is there a number at the IRS to answer questions like this.

How about a number to find out if a Form 5500 has been filed?

[Guest spritcha]

you can look up 5500s on file with DOL at freeerisa.com

[Theresa Lynn]

But remember that FreeERISA does not have anything more recent than 1997 in most cases. It takes a while to get more recent filings through FOIA and then posted.

[Fredman]

I just recently found a 1998 Welfare Benefit return on freeErisa.com.

There's another free web based service that recently advertised in the Retirement Plans Newsletter, but I can't remember the name. I think it also begins with free, anyone help me out here?

[JohnCheek]

If your client filed a 125 plan with an 001 number, there's an excellent change your client will be receiving correspondence, especially if you only attached a Schedule F to the 5500.

I can't tell you whetherr it makes sense to try to correct; if it were me, I would call PWBA and ask them.

[Guest RBeck]

There are a couple ways to correct the plan number on Form 5500 - you can change the number on a subsequent filing, in which case you'll get a letter asking for the 5500 for the old plan number. Then you write a response letter explaining the plan number change, and the IRS corrects its records. I haven't had a problem with IRS in doing it this way. The other way to correct it is to write a cover letter to file with the current 5500 which essentially says the same thing - that you've corrected the plan number and ask the IRS to correct its records, instead of waiting for them to respond. Either method works.