Nondeductible Contribution

[DavidO]

Assume a contribution was made to a DB plan in excess of the 404(o) limit in December 2023. The contribution was made prior to the end of they plan year so it cannot be attributed to the 2024 plan year. The plan now has a nondeductible contribution in the plan. After electing the 4972(c)(7) exemption from excise tax on the nondeductible contribution, the contribution will be able to be deducted in the following year.

My question is, does the nondeductible contribution get reported on the 2023 5500 or on the 2024 5500?

Thank you for any help.

[Lou S.]

It was made in 2023 and will be a nondeductible contribution for 2023. I don't see how you don't report it on the 2023, 5500 and SB.

[Draper55]

I agree with Lou. You can't make a 2024 contribution in 2023. It is too late to be a 2022 contribution...It must be a 2023 contribution and go on the 2023 5500 and SB.

[truphao]

contributions reporting on SB demonstrates compliance with the minimum funding standards.  Thus, it ought to be reported on 2023 5500, SB, etc.   I agree with smartness of Lou and Draper

[DavidO]

Thank you all! That's what I assumed but wanted validation.