Jump to content

Recommended Posts

Posted

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?

  • 2 weeks later...
Posted

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.

Posted

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.

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
×
×
  • Create New...

Important Information

Terms of Use