5330 for late deposits question

If the plan made the interest payments for late deferrals from 2017, '18 and '19 in 2020, do I still need to do a 5330 for all those years?  Or just 2020?

??

My understanding is that you need to file 5330 return for each year  2017, 2018, 2019.   You may have to also file for 2020, depending on when/how the correction was made.

....  Jeff

On 4/28/2020 at 2:13 PM, BG5150 said:

If the plan made the interest payments for late deferrals from 2017, '18 and '19 in 2020, do I still need to do a 5330 for all those years?  Or just 2020?

Its been a while since I have done one, but you can do one Form 5330. 

Use 2020 Form 5330

On description of PT put something like "late deposit of employee contributions - see attached summary.  Noe: Value in column (d) is cumulative for 2017-2020"

Attach a summary for all years.

I have another question.  This is from the DOL closing letter:

Quote

 

1. a first level tax equal to 15 percent of the amount involved in the transaction for each taxable year during which the transaction is outstanding, and

2. a second level tax, equal to 100 percent of the amount involved if the transaction is not corrected.

 

Say for 2017 the amount involved is $100.  Interest paid 2020.  The excise tax will be $15 x 4 = $60 because there were 4 taxable years it was outstanding.  

However, do I owe another $300 for the tax years it wasn't corrected per item #2?

Doesn't it pyramid? Not unless they refuse to pay the first tier tax.

OK.  Got it.  That's what I figured.  Something in the wording gave me pause.