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When is final 5500 due?


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Client told me all assets were distributed by 6/30/2022.

Filed an extension on 1/31/2023 till 4/17/2023

Now found out that still 0.02 is in the account and they will close it this week.

When is the final 5500 due?

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How, when and why $0.02? Personally, if it's been $0.02 since 6/30/2022, I would treat as zero and file final return for 2022 by 4/17/2023. Otherwise you have a 2022 full year filing due 7/31/2023 and a 2023 final year filing due 7 months after closeout. And what would you show for 12/31/2022 and 1/1/2023 assets? $1? $0.02 rounds to zero. I think practicality and reason should prevail here. I would not like to have the discussion where the client is told they're getting charged for another 5500 filing because $0.02 was left in the account.

Kenneth M. Prell, CEBS, ERPA

Vice President, BPAS Actuarial & Pension Services


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