Instructions For Form 5330 (Page 2 of 6) in pdf

•

Disqualified person. A “disqualified

Exemptions. See sections 4975(d) and

Airborne Express (Airborne): Overnight

person” is any person who is:

4975(f)(6)(B)(ii) for specific exemptions to

Air Express Service, Next Afternoon

prohibited transactions.

Service, Second Day Service.

1. A fiduciary;

•

DHL Worldwide Express (DHL): DHL

2. A person providing services to the

Also, see section 4975(c)(2) for certain

“Same Day” Service, DHL USA Overnight.

plan;

•

other transactions or classes of transactions

Federal Express (FedEx): FedEx Priority

3. An employer, any of whose

that have been exempted.

Overnight, FedEx Standard Overnight,

employees are covered by the plan;

FedEx 2Day.

4. An employee organization, any of

When To File

•

United Parcel Service (UPS): UPS Next

whose members are covered by the plan;

Day Air, UPS Next Day Air Saver, UPS 2nd

Use one Form 5330 to report excise taxes

5. Any direct or indirect owner of 50% or

with the same filing due date. For example,

Day Air, UPS 2nd Day Air A.M., UPS

more of (a) the combined voting power of all

Worldwide Express Plus, and UPS

all of the excise taxes on pages 2 and 3 of

classes of stock entitled to vote, or the total

the form have the same filing due dates.

Worldwide Express.

value of shares of all classes of stock of a

One Form 5330 may be filed to report one

The private delivery service can tell you

corporation, (b) the capital interest or the

or more of these taxes. However, if the

profits interest of a partnership, or (c) the

how to get written proof of the mailing date.

taxes are from separate plans, file separate

beneficial interest of a trust or

forms for each plan. Also file a separate

unincorporated enterprise, which is an

Interest and Penalties

Form 5330 to report taxes with different

employer or an employee organization

Interest. Interest is charged on taxes not

filing due dates. Generally, the filing of a

described in 3 or 4;

paid by the due date even if an extension of

Form 5330 starts the statute of limitations

6. A member of the family of any

time to file is granted. Interest is also

running only with respect to the particular

individual described in 1, 2, 3, or 5 (member

charged on penalties imposed for failure to

excise tax(es) reported on that Form 5330.

of a family is the spouse, ancestor, lineal

file, negligence, fraud, gross valuation

However, statutes of limitations with respect

descendant, and any spouse of a lineal

overstatements, and substantial

to the prohibited transaction excise tax(es)

descendant);

understatements of tax from the due date

are based on the filing of the applicable

7. A corporation, partnership, or trust or

(including extensions) to the date of

Form 5500.

estate of which (or in which) any direct or

payment. The interest charge is figured at a

indirect owner holds 50% or more of the

1. For taxes due under sections 4972,

rate determined under section 6621.

interest described in 5(a), (b), or (c). For

4973(a)(3), 4975, 4976, 4978, 4978A,

purposes of (c), the beneficial interest of the

4978B, and 4979A, file Form 5330 by the

Penalty for late filing of return. If you do

trust or estate is owned directly or indirectly,

last day of the 7th month after the end of the

not file a return by the due date, including

or held by persons described in 1 through 5;

tax year of the employer or other person

extensions, you may have to pay a penalty

8. An officer, director (or an individual

who must file this return.

of 5% of the unpaid tax for each month or

having powers or responsibilities similar to

2. For tax due under section 4971 and

part of a month the return is late, up to a

those of officers or directors), a 10% or

4971(f), file Form 5330 by the later of the

maximum of 25% of the unpaid tax. The

more shareholder or highly compensated

last day of the 7th month after the end of the

minimum penalty for a return that is more

employee (earning 10% or more of the

employer’s tax year or 8

months after the

than 60 days late is the smaller of the tax

yearly wages of an employer) of a person

last day of the plan year that ends with or

due or $100. The penalty will not be

described in 3, 4, 5, or 7;

within the filer’s tax year.

imposed if you can show that the failure to

9. A 10% or more (in capital or profits)

3. For tax due under section 4977, file

file on time was due to reasonable cause. If

partner or joint venturer of a person

Form 5330 by the last day of the 7th month

you file late, you must attach a statement to

described in 3, 4, 5, or 7; or

after the end of the calendar year in which

Form 5330 explaining the reasonable cause.

10. Any disqualified person, as described

the excess fringe benefits were paid to your

in 1 through 9 above, who is a disqualified

Penalty for late payment of tax. If you do

employees.

person with respect to any plan to which a

not pay the tax when due, you may have to

4. For tax due under section 4979, file

section 501(c)(22) trust applies, is permitted

pay a penalty of

of 1% of the unpaid tax

Form 5330 by the last day of the 15th month

to make payments under section 4223 of

for each month or part of a month the tax is

after the close of the plan year to which the

ERISA.

not paid, up to a maximum of 25% of the

excess contributions or excess aggregate

unpaid tax. The penalty will not be imposed

contributions relate.

Prohibited transaction. A “prohibited

if you can show that the failure to pay on

5. For tax due under section 4980, file

transaction” is any direct or indirect:

time was due to reasonable cause.

Form 5330 no later than the last day of the

1. Sale or exchange, or leasing of any

month following the month in which the

Note. Interest and penalties will be billed

property between a plan and a disqualified

reversion occurred.

separately after the return is filed.

person; or a transfer of real or personal

6. For tax due under section 4980F,

property by a disqualified person to a plan

Claim for Refund or Credit/

file Form 5330 by the last day of the month

where the property is subject to a mortgage

following the month in which the failure

Amended Return

or similar lien placed on the property by the

occurred.

disqualified person within 10 years prior to

File an amended Form 5330 for any of the

the transfer, or the property transferred is

following:

Extension. File Form 5558, Application of

•

subject to a mortgage or similar lien which

To claim a refund of overpaid taxes

Extension of Time to File Certain Employee

the plan assumes;

reportable on Form 5330;

Plan Returns, to request an extension of

•

2. Lending of money or other extension

For a credit for overpaid taxes; or

time to file. If approved, you may be granted

•

of credit between a plan and a disqualified

To report additional taxes due within the

an extension of up to 6 months.

person;

same tax year of the filer if those taxes have

3. Furnishing of goods, services, or

Caution: Form 5558 does not extend the

the same due date as those previously

facilities between a plan and a disqualified

time to pay your taxes. See the instructions

reported. Check the “Amended Return” box

person;

for Form 5558.

in item H on page 1 of the return and report

4. Transfer to, or use by or for the

the correct amount of taxes in Parts II

Where To File

benefit of, a disqualified person of income or

through XIV, as appropriate, and on lines 1

assets of a plan;

through 12a of Part I. See instructions for

File Form 5330 with the Internal Revenue

5. Act by a disqualified person who is a

lines 12a through 12c.

Service Center, Ogden, UT 84201.

fiduciary whereby he or she deals with the

Note. If you file an amended return to claim

income or assets of a plan in his or her own

Private delivery services. You can use

a refund or credit, the claim must state in

interest or account; or

certain private delivery services designated

detail the reasons for claiming the refund. In

6. Receipt of any consideration for his or

by the IRS to meet the “timely mailing as

order to promptly consider your claim, you

her own personal account by any

timely filing/paying” rule for tax returns and

must explain why you are filing the claim

disqualified person who is a fiduciary from

payments. The most recent list of

and provide the appropriate supporting

any party dealing with the plan connected

designated private delivery services was

evidence. See Regulations section

with a transaction involving the income or

published by the IRS in October 2001 and

301.6402-2 for more details.

assets of the plan.

includes only the following:

-2-

Instructions For Form 5330 Page 2

Related Articles

Related forms

Related Categories