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|Completing My First Form 5330 for Lost Earnings on Late 401(k) Deferral Deposit|
BenefitsLink Message Boards
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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