Late Deferral - 5330 Filling - Multiple Plan Year

Situation: $4,000 payroll from April 1 2019, not deposited until January 10, 2020.  Plan year is calendar year, so it requires 2019 and 2020 Form 5330 fillings.  

Calculated interest:

• 2019 $310
• 2020 $34

4975(a) First Tier Excise Tax calculation (entered on Form 5330 line 3a): 

• 2019: $310x15% = $46.50
• 2020: ($310+$34) x 15% = $51.60.

      Calculation from Exhibit 4.72.11-6 on https://www.irs.gov/irm/part4/irm_04-072-011#idm139654188128704

4975(b) Second Tier Excise Tax calculation (entered on Form 5330 line 3b?

• 2019 None
• 2020: 
  • A: 100% of the 2019 Amount of prohibited transaction reported on 2019 filling $310
  • B: 100% of the 2019 amount of total prohibited transaction $4,000 + applicable Interest $310: for the total of $4,310?

Which would make total excise tax due with 2020 filling of either ($310 + $51.60) = $361.60 or ($4,310+$51.60) = $4,361.60?

Thanks for your help!

Anyone?

19 hours ago, EagerToKnow said:

or ($4,310+$51.60) = $4,361.60?

Not this one!

Thank you JackS! 

I have heard varying things on this. the directions seem to be that in the subsequent year, you are doing 15% excise tax for 4975a and 100% for 4975b. Does anyone actually fill out line 3b in these cases when late deposit earnings are not deposited until the following year?

On 5/22/2020 at 10:50 AM, mattmc82 said:

I have heard varying things on this. the directions seem to be that in the subsequent year, you are doing 15% excise tax for 4975a and 100% for 4975b. Does anyone actually fill out line 3b in these cases when late deposit earnings are not deposited until the following year?

bump