Jakyasar Posted September 15 Posted September 15 My first missed 9/15 deadline for MRC in well over 20 years. I want to make sure I understand what needs to be done per my research. Client did not make the MRC by today, around 30k I checked 5330 and looks like it is section 4971a related. Subject to 10% penalty - not sure when needs to be paid but will instruct as soon as filed. According to instructions, 5330 is due by 10/15 and no extension was required. It still needs to be paid by 12/31/2025 and if not then IRS could impose penalty up to 100% for subsequent years. I have to do interest adjustment based on the date they will make the deposit (if they will) Am I correct on all above?
thepensionmaven Posted September 24 Posted September 24 Same situation here. Client paid 2022 (yes) contribution 10/15/23. Which year do we file 5330 for? I would think current year, but he did make the contribution, just only one month late. This is first time I have run across this. I always mention to DB clients the diff between minimum funding and deduction.
Jakyasar Posted September 24 Author Posted September 24 Aren't' you late for 2022 as it was supposed to be filed by 10/15/2023 unless for 8868 was filed for 6 months extension? The deadline from 2024 instructions, Table 1 4971 - 15th day of the 10th month after the last day of the plan year. I am filing for my client by 10/15/2025 for 2024 deficiency on 2024 form.
thepensionmaven Posted September 24 Posted September 24 Client recently sshowed a copy of his check, no way could we file by 10/15/23. This is a one-participant plan.
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