Kimberly Valentine-Pierrot Posted September 4, 2020 Posted September 4, 2020 Can someone please offer clarification on the final filing deadline for a DB plan with short plan year and extension? The short plan year is for 2020 and the assets were all liquidated on 2/7/2020. That said, without an extension, the 5500 is due by 9/7/2020, right? Also, would the 5558 need to use a plan year end date of 9/7/2020 with an extension date of 11/22/2020. I have researched but did not find situation with odd dates like this ours. Thanks!
Bird Posted September 4, 2020 Posted September 4, 2020 The deadlines go to the end of the month. From the instructions: Short Years. For a plan year of less than 12 months (short plan year), file the form and applicable schedules by the last day of the 7th calendar month after the short plan year ends or by the extended due date, if filing under an authorized extension of time. Ed Snyder
Kimberly Valentine-Pierrot Posted September 4, 2020 Author Posted September 4, 2020 Thank you and yes that is correct. However, for final filings you have 7 months from date of liquidation which in this case is 9/7/2020. What date do I use for the Form 5558 to extend another 2.5 months-11/22/2020?
WDIK Posted September 4, 2020 Posted September 4, 2020 The first due date will be September 30th, 2020, not September 7th. ...but then again, What Do I Know?
Jakyasar Posted September 4, 2020 Posted September 4, 2020 12/15/2020 if 5558 filed by 9/30/2020 (initial due date) Kimberly Valentine-Pierrot 1
Bird Posted September 8, 2020 Posted September 8, 2020 On 9/4/2020 at 3:43 PM, Kimberly Valentine-Pierrot said: However, for final filings you have 7 months from date of liquidation which in this case is 9/7/2020. Do you have a cite for that? I thought, and apparently everyone else responding, that it was like any other short year - i..e the end of the month. Belgarath and Luke Bailey 2 Ed Snyder
Mike Preston Posted September 8, 2020 Posted September 8, 2020 No cite exists. It is the end of the month. ESOPMomma 1
Bri Posted September 8, 2020 Posted September 8, 2020 I can "cite" the 5500 instructions, I suppose, if that helps: Short Years. For a plan year of less than 12 months (short plan year), file the form and applicable schedules by the last day of the 7th calendar month after the short plan year ends or by the extended due date, if filing under an authorized extension of time.
Kimberly Valentine-Pierrot Posted September 8, 2020 Author Posted September 8, 2020 Thank you to all that responded! We did file the extension based on the end of the month of 9/30/2020 and the extension deadline of 12/15/2020. There was some other language that was not as clear that kept throwing a wrench in the mix. Again, A BIG THANKS ? Bill Presson 1
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