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5330 instructions Form: What You Should Know

If the contribution exceeds the annual limits but does not exceed the 3,000 limit and is a gift after March 31 of the year of the gift, the contribution must be made on or before April 15 of the following year. If the contribution exceeds the annual limits but does not exceed the 4,000 limit, the contribution cannot be made on or before the 25th calendar year after the last year in which the contribution was an eligible contribution, but the contribution cannot be a gift. It may, however, be made on or before March 5 of the following year. If a contribution was made to a qualified public accounting firm that is a corporation, partnership, business trust, or S Corporation, the contribution is taxable to the covered individual if (i) the covered individual was at any time a C corporation, and (ii) within 7 years before the date covered individual made the contribution, the covered individual was an S corporation. The date of the corporation determination is the date on which the corporation has qualified for the credit under Sec. 24A. What is the tax treatment of the Form 5330? The form is treated as a summary tax return that requires no examination or further action. The amount reported under Form 5330 is includible in gross income and is not subject to a 5 percent penalty provided the person who receives the Form 5330 has been an employee of the taxpayer, the amount is not a Form 1099-MISC, Form 9865, Form 4797, or Form 8849, the contribution was made at least 6 months after the close of the tax year, the person from whom the Form 5330 was received is a non-resident alien individual and the Form 5330 is not filed before December 31, 2023, the Form 5330 is properly filed and is timely filed, and the person who receives the Form 5330 has not filed a similar tax return within the last 10 years on behalf of the covered individual. The Form 5330 must be filed on and paid by the due date. The form can be filed electronically as outlined in the instructions and paid by check, money order, or money transfer. There are no penalties if you are able to file by January 31. It is more efficient for us to have the Form 5330 notarized after the due date for filing.

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