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Mistaken About Having Made a Mistake -- Now Get a Refund of Already-Paid Excise Taxes?
BenefitsLink Message BoardsLink to more items from this source
Feb. 1, 2021

"2019 plan fails the ADP test. They correct it with refunds in August 2020. The Form 5330 tax is $1,050 and was paid. Then, in January 2021, they realize that some HCE comp was lower than in had been used in the testing. With the new numbers, the plan passes. What happens to that $1,050 excise tax? The plan didn't really need to be corrected. Can they ask for a refund?"

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