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Form 5500 - new compliance questions.


Belgarath

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So, preapproved plan, you have to give the Opinion letter Serial #. Ours has the format Qxxxxxx with a small "a" after the 6 digits. The 5500 instructions do not appear to require inclusion of the "a" - has anyone heard otherwise?

I always assumed the "a" meant "approved" so maybe it is meaningless in the context of filing 5500's at this point?

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34 minutes ago, Belgarath said:

I always assumed the "a" meant "approved" so maybe it is meaningless in the context of filing 5500's at this point?

Agreed.

Our letter also has an "a" after the six digits.  The IRS list of approved documents does not include the "a" on the letter serial number.

 

 

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The instructions to the Form 5500 in all 3 places where the question is asked are:

"The Opinion Letter serial number is a unique combination of a capital letter and a series of six numbers assigned to each Opinion Letter."

There is no reference to an ending letter, and no EFAST2 edits on the field although software providers may add their own edits.

 

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Thanks all. We did the first couple with the "a" but have since modified it.

Update - we use FT William for our 5500 software. Their system instructions, (which for this question are taken from the 5500 form instructions) do NOT specify that the "a" must be used. Yes, when you enter the number Qxxxxxx, it flags it as red, and when you go out to edit check, it adds the "a" to the number on the form.

We've sent a question to their support folks (who are outstanding) to ask about this. I will let you know what they respond. Also, in case it matters, we are talking about a 5500-SF. I don't know if similar issues arise on a Schedule R.

10:00 AM - excerpt from FT William response - there was a bit of back and forth - but they are our 5500 software provider, so we'll do what they say!

"EFAST2 is programmed to only accept the input when formatted as Q123456a."  

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