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Full Version: Late 401k Deposits Form 5330
BenefitsLink Message Boards > Employee Benefits in General > Form 5500
Lori Foresz
I recall sometime ago that IRS changed opinion and we no longer need to file Form 5330 for late deposits of 401k.
I also thought we no longer needed to check a prohibited transaction occured on Form 5500 Schedule H/I.

Does anyone recall.
Thanks
Tom Poje
you are probably thinking of
Class Exemption PTE 2002-51
Briefly (and I am probably missing something)

deferrals were deposited not more than 180 calendar days from date the amounts received by employer
Can only use once every three years
Have met all the conditions of the VFC program (including a notice to participants) and received a no action letter
If have an exemption there is NO excise tax
if no excise tax, then of course no 5330

if the excise tax was less than $100, then you don't need to give the participants the notice provided the $ was paid to the plan instead. you still had to go through the motions of filing the 5330, but it goes to the DOL instead.

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