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Form 5330 online Amarillo Texas: What You Should Know

IRS Form 5330 allows you to report and pay the excise tax (7.65% tax per year on excess of salary) on your employee benefit plan income (if it exceeds 2,000). The employee benefit plan tax also applies to a corporation with more than 50 shareholders and all of its shareholders receive distributions from more than one qualified plan. This includes distributions from a 403b, 457b, or 457 plans which may be made in excess of 2,000 (5,000 for a qualified plan with more than 100 participants). Form 5330 is one of the forms you can use to report and pay the excise tax. Your plan will be reported to the tax authorities as a “special purpose district.” Special purpose districts are tax districts that have special provisions and are governed independently of local, county, state, and federal laws. Special purpose districts are generally established to accomplish a particular goal. For example, a special purpose district exists for the administration of a special fire fund, a special school fund, a special hospital fund, or a special library fund. However, special purpose districts can be established through an administrative rule (or, in general, by resolution or law). The rules should be designed to maintain the benefits available to plan participants while minimizing the tax burden on the plan sponsors and employees. See IRS Publication 550, Business Income Tax. As with any type of tax, excise tax collection is the responsibility of the government agency that administers the law and is done by taxing entities. Form 5330 is also used to report the excise tax on certain contributions (other than salary or pension) made to a self-employment plan to purchase an interest in the plan. Contributions are not subject to the excise tax. In some cases, a plan may be the primary beneficiary of a trust and a contribution may be made to it. In this case, the trust is the primary beneficiary, and you must report the excise tax on the trust, not the primary beneficiary. If a portion of your contribution to a self-employment plan is actually received by or from an individual, the contribution needs to be reported on Form 5330. For information on how to report contributions made for your retirement plans, see Rev. Pro. 2017-53, 2017-07 I.R.B. 511, available at .

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