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"[T]here are two different ways to compute the late deferrals to report as prohibited transactions, depending on whether you are completing the Form 5330 (Return of Excise Taxes Related to Employee Benefit Plans) or answering the questions on Form 5500, Schedule H, and its related supplementary schedule.... Form 5330 Purposes: Plan sponsors report only the interest on late deferrals for purposes of considering the amount of the prohibited transaction subject to excise taxes. [Form 5500, Schedule H:] Plan sponsors report the entire deferral amount that was deposited late as the prohibited transaction."
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