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Completing My First Form 5330 for Lost Earnings on Late 401(k) Deferral Deposit
BenefitsLink Message BoardsLink to more items from this source
July 14, 2021

"Hi My first one ever. Need input from 401k gurus out there.

Scenario 1: One deposit made 3 months late. Did the VCFP calculations. They made the deposit for lost earnings today. Correction under 4975(a). Preparing 5330. Completing Sch C Item 1 is discrete, correct?

Completed item 2-a-1-i - date of transaction is when they deposited the missing deferrals, correct?

Item 3 is fine

Item 4, checked yes

Do I need to complete item 5? It is the filer/sponsor listed on page 1, items A & D?

Scenario 2: This time I have 20 late deposits, 4 participants, 5 different deposit dates. They will write one check, i.e., all corrective amounts will be done in one day.

I think put in 5 "transaction dates" and put in the appropriate lost earnings for each transaction date, correct? Again, do I need to complete item 5? If yes, do I need to put in 5 times?

Did I miss anything else or not asking correctly?"

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